TRADE ACT OF 1974

Federal legislation aiming to make the United States more competitive in international trade by expanding its participation and reducing trade disputes. The act authorized the removal and elimination trade barriers, improved relationships with non-market and developing countries, and changed unfair competition laws. Aside from that, the legislation gave relief for American industries which were negatively affected by heightened international trade and changed tariffs on imports from developing countries. It also protected the country from the import activities of foreign nations which gave disadvantage to the American labor and industry.

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