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. |
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Nicknames | Trade Reform Act |
Enacted by | the 93rd United States Congress |
Effective | January 3, 1975 |
Citations | |
Public law | 93-618 |
Statutes at Large | 88 Stat. 1978-2 |
Codification | |
Titles amended | 19 U.S.C.: Customs Duties |
U.S.C. sections created | 19 U.S.C. ch. 12 § 2101 et seq. |
Legislative history | |
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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.
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.
It also gave the President broad authority to counteract injurious and unfair foreign trade practices.