Trade Act of 1974

(U.S. law) Legislation enacted late in 1974 and signed into law in January 1975, granting the president broad authority to enter into international agreements to reduce import barriers. Major purposes were to: (1) stimulate U.S. economic growth and to maintain and enlarge foreign markets for the products of U.S. agriculture, industry, mining and commerce; (2) strengthen economic relations with other countries through open and non-discriminatory trading practices; (3) protect American industry and workers against unfair or injurious import competition; and (4) provide “adjustment assistance” to industries, workers and communities injured or threatened by increased imports. The Act allowed the president to extend tariff preferences to certain imports from developing countries and set conditions under which Most-Favored-Nation Treatment could be extended to non-market economy countries and provided negotiating authority for the Tokyo Round of multilateral trade negotiations. See trade adjustment assistance; most favored nation; Tokyo Round.

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