Business / Agriculture / Trade Act Of 1974: 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.
Act Verb Synonyms: behave (oneself), carry on, deport oneself, comport oneself, conduct oneself
Act Noun Synonyms: deed, action, undertaking, operation, step, move, feat, exploit, accomplishment, achievement
Trade Adjective Synonyms: commerce, business, traffic, exchange, barter, dealing(s), buying and selling, merchandising, marketing, mercantilism, truck
Trade Noun Synonyms: exchange, swap or swop, interchange, switch, barter, return
Business / Agriculture / Trade Adjustment Assistance: Assistance provided by the Departments of Labor and Commerce to workers and firms that are adversely affected by increased imports. The Labor Department administers a program offering certified worker MORE
Business / Agriculture / Generalized System Of Preferences (GSP): First authorized by the Trade Act of 1974, GSP allows some 140 developing countries to ship more than 3,000 products to the United States duty-free. This helps developing countries to generate foreign MORE
Business / Agriculture / International Trade Commission (ITC): An independent, quasi-judicial federal agency that provides objective trade expertise to both the legislative and executive branches of government and determines the impact of imports on U.S. industri MORE