Trade Act of 1974
Encyclopedia
The Trade Act of 1974 was passed to help industry in the United States
become more competitive or phase workers into other industries or occupations.
authority for the President
to negotiate trade agreements that Congress can approve or disapprove but cannot amend or filibuster
. The fast track authority created under the Act extended to 1994 and was restored in 2002 by the Trade Act of 2002
. The Act provided the President with tariff and non-tariff trade barrier negotiating authority for the Tokyo Round of multilateral trade negotiations. Gerald Ford was the President at the time.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
become more competitive or phase workers into other industries or occupations.
Fast track authority
It created fast trackFast track (trade)
The Fast track negotiating authority for trade agreements is the authority of the President of the United States to negotiate agreements that the Congress can approve or disapprove but cannot amend or filibuster. Fast-track negotiating authority is granted to the president by Congress...
authority for the President
President of the United States
The President of the United States of America is the head of state and head of government of the United States. The president leads the executive branch of the federal government and is the commander-in-chief of the United States Armed Forces....
to negotiate trade agreements that Congress can approve or disapprove but cannot amend or filibuster
Filibuster
A filibuster is a type of parliamentary procedure. Specifically, it is the right of an individual to extend debate, allowing a lone member to delay or entirely prevent a vote on a given proposal...
. The fast track authority created under the Act extended to 1994 and was restored in 2002 by the Trade Act of 2002
Trade Act of 2002
The Trade Act of 2002 granted the President of the United States the authority to negotiate trade deals with other countries and gives Congress the approval to only vote up or down on the agreement, not to amend it. This authority is sometimes called fast track authority, since it is thought to...
. The Act provided the President with tariff and non-tariff trade barrier negotiating authority for the Tokyo Round of multilateral trade negotiations. Gerald Ford was the President at the time.
Power to counteract unfair foreign trade practices
It also gave the President broad authority to counteract injurious and unfair foreign trade practices.- Section 201 of the Act requires the International Trade Commission to investigate petitions filed by domestic industries or workers claiming injury or threat of injury due to expanding imports. Investigations must be completed within 6 months. If such injury is found, restrictive measures may be implemented. Action under Section 201 is allowed under the GATT escape clause, GATT Article XIX.
- Section 301Section 301Section 301 of the U.S. Trade Act of 1974, authorizes the President to take all appropriate action, including retaliation, to obtain the removal of any act, policy, or practice of a foreign government that violates an international trade agreement or is unjustified, unreasonable, or...
was designed to eliminate unfair foreign trade practices that adversely affect U.S. trade and investment in both goods and services. Under Section 301, the President must determine whether the alleged practices are unjustifiable, unreasonable, or discriminatory and burden or restrict U.S. commerce. If the President determines that action is necessary, the law directs that all appropriate and feasible action within the President’s power should be taken to secure the elimination of the practice.