Trade Act of 1974

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: (a)
stimulate U.S. economic growth and to maintain and enlarge foreign markets
for the products of U.S. agriculture, industry, mining and commerce; (b)
strengthen economic relations with other countries through open and
non-discriminatory trading practices; (c) protect American industry and
workers against unfair or injurious import competition; and (d) 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.