Trade Expansion Act of 1962

Trade Expansion Act of 1962

Legislation in the United States giving the president the authority to reduce tariffs on imports up to 50% in order to encourage international trade. While the act expired in 1967, the Johnson administration used its authority to reduce tariffs in the Kennedy Round of the General Agreement on Tariffs and Trade.
References in periodicals archive ?
Trump is imposing the tariffs under a provision of the Trade Expansion Act of 1962 that allows the president to do so for reasons of national security.
At the meeting, Commissioner Malmstrm and Minister Seko also raised with Ambassador Lighthizer US President Trump's decision to impose additional duties on imports of certain steel and aluminium products into the US under Section 232 of the Trade Expansion Act of 1962.
Under section 232 of the Trade Expansion Act of 1962, the president has the authority to restrict imports and impose unlimited tariffs if a Commerce Department investigation finds a national security threat.
Department of Commerce for Relief Under Section 232 of the Trade Expansion Act of 1962 from Imports of Uranium Products that Threaten National Security.
A law known as the Trade Expansion Act of 1962 authorizes the secretary of commerce to investigate the effects that imports may have on national security.
The Trump Administration officially launched an investigation into whether steel imports should be restricted on national security grounds pursuant to Section 232 of the Trade Expansion Act of 1962.
Section 232 of the Trade Expansion Act of 1962 can be used to retaliate against imports that pose a threat to "national security".
The book offers four case studies: the Reciprocal Trade Agreements Act of 1945, the Trade Expansion Act of 1962, the Trade Act of 1974, and the Omnibus Trade and Competitiveness Act of 1988.
Under the Trade Expansion Act of 1962, Congress granted the President authority for five years to enter into agreements that negotiated the reduction or elimination of tariffs.
Since the Trade Expansion Act of 1962, which authorized the Kennedy Round, trade negotiations have greatly increased domestic prosperity while also providing assistance for displaced workers.
Other import prohibitions include measures to protect national security interests: under Section 232 of the Trade Expansion Act of 1962, US industry can petition for the restriction of imports from third countries on the grounds of national security.
Trade adjustment assistance was introduced in the United States as part of the Trade Expansion Act of 1962, which supplanted the 1934 Reciprocal Trade Agreements Act (RTAA).