What did the Trade Act of 1974 do?
The Trade Act of 1974 gave the President of the United States new power over tariffs and trade agreements. Its authority expired in 1982 but Congress kept extending it, all the way until 2010.
Questions about Trade Act of 1974
Short answers, pulled from the story.
What is fast track authority under the Trade Act of 1974?
Fast track authority let the President negotiate trade agreements that Congress could approve or disapprove but not amend or filibuster. It was created for the Tokyo Round of trade negotiations while Gerald Ford was President.
What does Section 122 of the Trade Act of 1974 allow the President to do?
Section 122 lets the President impose tariffs of up to 15% for up to 150 days in response to a 'large and serious' balance-of-payments deficit. Any tariffs imposed this way expire automatically after 150 days unless Congress votes to extend them, and they must apply uniformly rather than targeting one country.
What is the Labor Advisory Committee created under the Trade Act of 1974?
Section 135 of the Trade Act of 1974 created the Labor Advisory Committee for Trade Negotiations and Trade Policy, known as the LAC. It advises the Office of the United States Trade Representative and the Secretary of Labor, and it delivers a report to the President, Congress, and the USTR once trade negotiations conclude.
What does Section 201 of the Trade Act of 1974 cover?
Section 201 requires the International Trade Commission to investigate petitions from domestic industries or workers claiming injury from expanding imports, completing each investigation within six months. Action under Section 201 is allowed under the GATT escape clause, Article XIX.
What is the Special 301 Report tied to the Trade Act of 1974?
The Special 301 Report is an annual report from the Office of the USTR identifying 'Priority Foreign Countries' judged to have inadequate intellectual property laws, which may then face sanctions. It has been issued every year since 1989.