The House Committee on Ways and Means, after extensive hearings and executive sessions approved a measure that is called the most significant trade legislation since the Trade Expansion Act of 1962. The bill, the Trade Act of 1970, and how it differs from the Trade Expansion Act of 1962 is set forth in this article. Important provisions in the new bill which are discussed enable the President to authorize the reduction of tariff rates as part of a trade agreement; and carry out any bilateral or multilateral agreements to eliminate the American Selling Price System of customs valuation. Industries would be able to petition the Tariff Commission for relief from injurious import competition under liberalized criteria. Adjustment assistance criteria also to be liberalized. The imposition of import quotas on certain commodities and the creation of special tax provisions for domestic international sales corporations would constitute major additions to laws affecting U.S. foreign trade. Also discussed are the broader provisions for dealing with retaliation against foreign import restrictions and other discriminatory practices, and a prohibition against the use of tariffs to regulate imports in national security cases. Major points of the 190-page report given to the House reporting favorably on this bill and explanations of portions of the bill and their reasons for recommending agricultural exports; steel arrangements; international labor standards; meat imports and the comparability of data.

  • Supplemental Notes:
    • Prepared by the Trade and Commercial Policy Division, Bureau of International Commerce
  • Corporate Authors:

    Department of Commerce

    1401 Constitution Avenue, NW
    Washington, DC  United States  20230
  • Publication Date: 1970-9-7

Media Info

  • Pagination: p. 6-10
  • Serial:

Subject/Index Terms

Filing Info

  • Accession Number: 00015529
  • Record Type: Publication
  • Source Agency: United States Merchant Marine Academy
  • Files: TRIS
  • Created Date: May 19 1971 12:00AM