Nicknames Trade Reform Act Public law 93-618 | Effective January 3, 1975 Statutes at Large 88 Stat. 1978-2 | |
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Long title An 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. Enacted by |
The Trade Act of 1974 (Pub.L. 93–618, 88 Stat. 1978, enacted January 3, 1975, codified at 19 U.S.C. ch. 12) was passed to help industry in the United States become more competitive or phase workers into other industries or occupations.
Contents
Fast track authority
The Trade Act of 1974 created fast track authority for the President to negotiate trade agreements that 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, 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), and was again extended to 16 April 1994, a day after the Uruguay Round concluded in the Marrakech Agreement transforming the GATT into the World Trade Organization (WTO). It and was restored in 2002 by the Trade Act of 2002. The Obama Administration sought renewal for fast-track in 2012.
Power to counteract unfair foreign trade practices
It also gave the President broad authority to counteract injurious and unfair foreign trade practices.