Trade Act of 1974

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Trade Act of 1974
Great Seal of the United States
Long titleAn Act to promote the development of an open, nondiscriminatory, and fair world economic system, to stimulate fair and free competition between the United States and foreign nations, to foster the economic growth of, and full employment in, the United States, and for other purposes.
NicknamesTrade Reform Act
Enacted bythe 93rd United States Congress
EffectiveJanuary 3, 1975
Citations
Public law93-618
Statutes at Large88 Stat. 1978-2
Codification
Titles amended19 U.S.C.: Customs Duties
U.S.C. sections created19 U.S.C. ch. 12 § 2101 et seq.
Legislative history
  • Introduced in the House as H.R. 10710 by Al Ullman (D–OR) on October 3, 1973
  • Committee consideration by House Ways and Means, Senate Finance
  • Passed the House on December 11, 1973 (272-140)
  • Passed the Senate on December 13, 1974 (77-4)
  • Reported by the joint conference committee on December 19, 1974; agreed to by the House on December 20, 1974 (323-36) and by the Senate on December 20, 1974 (72-4)
  • Signed into law by President Gerald Ford on January 3, 1975

The Trade Act of 1974 (

Pub. L.Tooltip Public Law (United States) 93–618, 88 Stat. 1978, enacted January 3, 1975, codified at 19 U.S.C. ch. 12[1]) was passed to help industry in the United States
become more competitive or phase workers into other industries or occupations.

Fast track authority

The Trade Act of 1974 created

Congress can approve or disapprove but cannot amend or filibuster. 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. The fast track authority created under the Act was set to expire in 1980, was extended for 8 years in 1979,[2] was renewed again in 1988 until 1993 to allow for the negotiation of the Uruguay Round within the framework of the General Agreement on Tariffs and Trade (GATT),[3] and was again extended to 16 April 1994,[4][5][6] a day after the Uruguay Round concluded in the Marrakesh Agreement transforming the GATT into the World Trade Organization (WTO). It was restored in 2002 by the Trade Act of 2002
. The Obama Administration sought renewal for fast track authority in 2012.

Power to counteract unfair foreign trade practices

It also gave the President broad authority to counteract injurious and unfair foreign trade practices.

See also

References

  1. ^ "19 U.S.C. ch.12—Trade Act of 1974". Archived from the original on March 30, 2018. Retrieved January 5, 2013.
  2. Pub. L.Tooltip Public Law (United States) 96–39, 93 Stat. 144
  3. Pub. L.Tooltip Public Law (United States) 100–148
  4. Pub. L.Tooltip Public Law (United States) 103–49, enacted July 2, 1993, codified at 19 U.S.C. § 2902(e)
  5. ^ U.S. International Trade Commission (August 2003). The Impact of Trade Agreements: Effect of the Tokyo Round, U.S.–Israel FTA, U.S.–Canada FTA, NAFTA, and the Uruguay Round on the U.S. Economy (PDF). p. 3. Archived (PDF) from the original on September 19, 2020. Retrieved January 28, 2012.
  6. ^ U.S. House Committee on Ways and Means (June 2001). Overview and Compilation of U.S. Trade Statutes. p. 225. Archived from the original on February 4, 2018. Retrieved January 28, 2012.
  7. ^ Charter of the Labor Advisory Committee for Trade Negotiations and Trade Policy Archived April 16, 2021, at the Wayback Machine, ss. 2–3, dated May 25, 2012.
  8. ^ CRS Report for Congress: Agriculture: A Glossary of Terms, Programs, and Laws, 2005 Edition – Order Code 97-905 Archived 2011-02-12 at the Wayback Machine
  9. ^ Knowledge Ecology International. "The US Special 301 Reports, 1989–2012". Accessible at [1] Archived February 11, 2024, at the Wayback Machine

External links

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