TRADE ACT OF 1974

Domain	Definition
Agriculture	P.L. 93-618 provided the President with tariff and nontariff trade barrier negotiating authority for the Tokyo Round of multilateral trade negotiations. It also gave the President broad authority to counteract injurious and unfair foreign trade practices. Section 201 of the Act requires the International Trade Commission to investigate petitions filed by domestic industries or workers claiming injury or threat of injury due to expanding imports. Investigations must be completed within 6 months. If such injury is found, restrictive measures may be implemented. Action under Section 201 is allowed under the GATT escape clause, GATT Article XIX. Section 301 was designed to eliminate unfair foreign trade practices that adversely affect U.S. trade and investment in both goods and services. Under Section 301, the President must determine whether the alleged practices are unjustifiable, unreasonable, or discriminatory and burden or restrict U.S. commerce. If the President determines that action is necessary, the law directs that all appropriate and feasible action within the President's power should be taken to secure the elimination of the practice. (references)
Source: compiled by the editor from various references; see credits.

Non-Fiction Usage: TRADE ACT OF 1974

Subject	Topic	Quote
Economic History	Hungary	The U.S. has urged Hungary to address a number of shortcomings in the protection of IPR and in May 2001, Hungary was upgraded from the +ACI-Watch List+ACI- to the +ACI-Priority Watch List+ACI- under the Special 301 provisions of the Trade Act of 1974. The USTR report cited Hungary's failure to provide adequate protection for confidential test data submitted to GOH regulatory authorities by pharmaceutical companies seeking marketing approval. (references)
	China	As a nonmarket-economy country, China's normal trade status had to be renewed annually by a U.S. presidential waiver stipulating that China meets the freedom of emigration requirements set forth in the Jackson-Vanik amendment to the Trade Act of 1974. China had received the waiver routinely prior to 1989, but after Tiananmen, although the presidential waiver continued, Congress began to exert strong pressure opposing normal trade status renewal. (references)
	Ukraine	As a result, in March 2001 the U.S. Trade Representative designated Ukraine a Priority Foreign Country under the Special 301 provisions of the U.S. Trade Act of 1974. As of June, 2001, USTR was completing the statutory investigation which could likely lead to trade sanctions and removal of Ukraine's duty-free privileges under the Generalized System of Preferences (GSP) in the event that the government fails to made sufficient progress fulfilling the IPR action plan. (references)
Source: compiled by the editor from ICON Group International, Inc.; see credits.