Trade Act of 1974


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Trade Act of 1974

Legislation in the United States that gave the president the authority to negotiate trade agreements with other countries with relatively little interference from Congress. Specifically, Congress could disapprove of a trade agreement but could not amend it. It also allowed the president to impose trade barriers unilaterally against countries found to engage in unfair trade practices. The act expired in 1994. See also: Trade Act of 2002.
References in periodicals archive ?
Import Competition: Tariff Act of 1930 and Trade Act of 1974
The Trade Act of 1974, as amended, provides that the expedited procedures for consideration of trade implementing bills are enacted as rules of procedures for each House, "with the full recognition of the constitutional right of either House to change the rules (so far as relating to the procedure of that House) at any time." (27) Congress reserves its constitutional right to withdraw or override the expedited procedures for trade implementing bills, which can take effect with a vote by either House of Congress.
The Finance Committee also would replace human rights sections of the Trade Act of 1974 with provisions, named after deceased tax attorney Sergei Magnitsky, targeting corrupt government officials in Russia and elsewhere.
Generalized System of Preferences (GSP) was instituted on January 1, 1976, by the Trade Act of 1974. Congressional authorization of the GSP program expired on December 31, 2010.
This authority, formerly known as Fast Track, was first extended by Congress to President Nixon with the Trade Act of 1974. It has been used to place the United States in such trade pacts as the North American Free Trade Agreement (NAFTA), the World Trade Organization (WTO), and the Central American Free Trade Agreement (CAFTA).
The request for assistance centered around Section 421 of the Trade Act of 1974, which is a trade statute that applies to imports from China that are a "substantial cause" of "serious injury" to American producers.
Under Section 421 of the Trade Act of 1974, the commission determines "whether imports of a product from China are being imported into the United States in such increased quantities or under such conditions as to cause, or threaten to cause, market disruption to the domestic producers of like or directly competitive products."
''Used properly, these safeguards -- for example, Section 201 of the Trade Act of 1974 -- can give producers vital breathing space while they restructure and regain competitiveness,'' he said.
The statute had added sections 421 and 422 to the Trade Act of 1974 [19 U.S.C.
Under the Jackson-Vanik Amendment to the Trade Act of 1974, China's trade status is tied to annual Presidential findings or waivers regarding freedom of emigration, which can be overridden by Congress through a joint resolution of disapproval.
The EU has already asked the WTO to include on its November 25 meeting agenda a review of unilateral Section 301 procedures of the US Trade Act of 1974. The request indicated that the EU plans to take "recourse" to dispute settlement procedures.
On the legislative side, the march from the watershed Trade Act of 1974, to the Trade Act of 1979, the Trade and Tariff Act of 1984, and (finally) the Omnibus Trade and Competitiveness Act of 1988 are summarized.