censes to United States persons by foreign persons (except for approval or agreement which may be necessary for national security purposes to control the export of critical military technology); and (iv) otherwise denying equitable access by United States persons to foreign-developed technology or contributing to the inequitable flow of technology between the United States and its trading partners. (B) In pursuing the negotiating objective described in subparagraph (A), the United States negotiators shall take into account United States Government policies in licensing or otherwise making available to foreign_persons_technology and other information developed by United States laboratories. (16) BORDER TAXES.-The principal negotiating objective of the United States regarding border taxes is to obtain a revision of the GATT with respect to the treatment of border adjustments for internal taxes to redress the disadvantage to countries relying primarily for revenue on direct taxes rather than indirect taxes. Sections 1124 and 3004 of the Omnibus Trade and [22 U.S.C. 5304 note, and 5304; P.L. 100-418] SEC. 1124. NEGOTIATIONS ON CURRENCY EXCHANGE RATES. (a) FINDINGS.-The Congress finds that (1) the benefit of trade concessions can be adversely affected by misalignments in currency, and (2) misalignments in currency caused by government policies intended to maintain an unfair trade advantage tend to nullify and impair trade concessions. (b) NEGOTIATIONS.-Whenever, in the course of negotiating a trade agreement under this subtitle, the President is advised by the Secretary of the Treasury that a foreign country that is a party to the negotiations satisfies the criteria for initiating bilateral currency negotiations listed in section 3004(b) of this Act, the Secretary of the Treasury shall take action to initiate bilateral currency negotiations on an expedited basis with such foreign country. SEC. 3004. INTERNATIONAL NEGOTIATIONS ON EXCHANGE RATE AND ECONOMIC POLICIES. (a) MULTILATERAL NEGOTIATIONS.-The President shall seek to confer and negotiate with other countries (1) to achieve (A) better coordination of macroeconomic policies of the major industrialized nations; and (B) more appropriate and sustainable levels of trade and current account balances, and exchange rates of the dollar and other currencies consistent with such balances; and (2) to develop a program for improving existing mechanisms for coordination and improving the functioning of the exchange rate system to provide for long-term exchange rate stability consistent with more appropriate and sustainable current account balances. (b) BILATERAL NEGOTIATIONS.-The Secretary of the Treasury shall analyze on an annual basis the exchange rate policies of foreign countries, in consultation with the International Monetary Fund, and consider whether countries manipulate the rate of exchange between their currency and the United States dollar for purposes of preventing effective balance of payments adjustments or gaining unfair competitive advantage in international trade. If the Secretary considers that such manipulation is occurring with respect to countries that (1) have material global current account surpluses; and (2) have significant bilateral trade surpluses with the United States, the Secretary of the Treasury shall take action to initiate negotiations with such foreign countries on an expedited basis, in the International Monetary Fund or bilaterally, for the purpose of ensuring that such countries regularly and promptly adjust the rate of exchange between their currencies and the United States dollar to permit effective balance of payments adjustments and to eliminate the unfair advantage. The Secretary shall not be required to initiate negotiations in cases where such negotiations would have a serious detrimental impact on vital national economic and security interests; in such cases, the Secretary shall inform the chairman and the ranking minority member of the Committee on Banking, Housing, and Urban Affairs of the Senate and of the Committee on Banking, Finance and Urban Affairs of the House of Representatives of his determination. B. GENERAL TRADE AGREEMENT AND IMPLEMENTATION AUTHORITIES Sections 1102, 1103, 1105(b), and 1107 of the Omnibus Trade and Competitiveness Act of 1988, as amended [19 U.S.C. 2902; P.L. 100-418, as amended by P.L. 101-382] SEC. 1102. TRADE AGREEMENT NEGOTIATING AUTHORITY. (a) AGREEMENTS REGARDING TARIFF BARRIERS. (1) Whenever the President determines that one or more existing duties or other import restrictions of any foreign country or the United States are unduly burdening and restricting the foreign trade of the United States and that the purposes, policies, and objectives of this title will be promoted thereby, the President (A) before June 1, 1993, may enter into trade agreements with foreign countries; and (B) may, subject to paragraphs (2) through (5), proclaim (i) such modification or continuance of any existing duty, (ii) such continuance of existing duty-free or excise treatment, or (iii) such additional duties; as he determines to be required or appropriate to carry out any such trade agreement. (2) No proclamation may be made under subsection (a) that (A) reduces any rate of duty (other than a rate of duty that does not exceed 5 percent ad valorem on the date of enactment of this Act) to a rate which is less than 50 percent of the rate of such duty that applies on such date of enactment; or (B) increases any rate of duty above the rate that applies on such date of enactment. (3)(A) Except as provided in subparagraph (B), the aggregate reduction in the rate of duty on any article which is in effect on any day pursuant to a trade agreement entered into under paragraph (1) shall not exceed the aggregate reduction which would have been in effect on such day if a reduction of 3 percent ad valorem or a reduction of one-tenth of the total reduction, whichever is greater, had taken effect on the effective date of the first reduction proclaimed in paragraph (1) to carry out such agreement with respect to such article. (B) No staging under subparagraph (A) is required with respect to a rate reduction that is proclaimed under paragraph (1) for an article of a kind that is not produced in the United States. The United States International Trade Commission shall advise the President of the identity of articles that may be exempted from staging under this subparagraph. (4) If the President determines that such action will simplify the computation of reductions under paragraph (3), the President may round an annual reduction by the lesser of (A) the difference between the reduction without regard to this paragraph and the next lower whole number; or (B) one-half of 1 percent ad valorem. (5) No reduction in a rate of duty under a trade agreement entered into under subsection (a) on any article may take effect more than 10 years after the effective date of the first reduction under paragraph (1) that is proclaimed to carry out the trade agreement with respect to such article. (6) A rate of duty reduction or increase that may not be proclaimed by reason of paragraph (2) may take effect only if a provision authorizing such reduction or increase is included within an implementing bill provided for under section 1103 and that bill is enacted into law. (b) AGREEMENTS REGARDING NONTARIFF Barriers.— (1) Whenever the President determines that any barrier to, or other distortion of, international trade— (A) unduly burdens or restricts the foreign trade of the United States or adversely affects the United States economy; or (B) the imposition of any such barrier or distortion is likely to result in such a burden, restriction, or effect; and that the purposes, policies, and objectives of this title will be promoted thereby, the President may, before June 1, 1993, enter into a trade agreement with foreign countries providing for (i) the reduction or elimination of such barrier or other distortion; or (ii) the prohibition of, or limitations on the imposition of, such barrier or other distortion. (2) A trade agreement may be entered into under this subsection only if such agreement makes progress in meeting the applicable objectives described in section 1101. (c) BILATERAL AGREEMENTS REGARDING TARIFF AND NONTARIFF BARRIERS. (1) Before June 1, 1993, the President may enter into bilateral trade agreements with foreign countries that provide for the elimination or reduction of any duty imposed by the United States. A trade agreement entered into under this paragraph may also provide for the reduction or elimination of barriers to, or other distortions of, the international trade of the foreign country or the United States. (2) Notwithstanding any other provision of law, no trade benefit shall be extended to any country by reason of the extension of any trade benefit to another country under a trade agreement entered into under paragraph (1) with such other country. (3) A trade agreement may be entered into under paragraph (1) with any foreign country only if— (A) the agreement makes progress in meeting the applicable objectives described in section 1101; (B) such foreign country requests the negotiation of such an agreement; and (C) the President, at least 60 days before the date notice is provided under section 1103(a)(1)(A) (i) provides written notice of such negotiations to the Committee on Finance of the Senate and the Committee on Ways and Means of the House of Representatives, and (ii) consults with such committees regarding the negotiation of such agreement. (4) The 60-day period of time described in paragraph (3)C) shall be computed in accordance with section 1103(e). (5) In any case in which there is an inconsistency between any provision of this Act and any bilateral free trade area agreement that entered into force and effect with respect to the United States before January 1, 1987, the provision shall not apply with respect to the foreign country that is party to that agreement. (d) CONSULTATION WITH CONGRESS BEFORE AGREEMENTS ENTERED INTO. (1) Before the President enters into any trade agreement under subsection (b) or (c), the President shall consult with (A) the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate; and (B) each other committee of the House and the Senate, and each joint committee of the Congress, which has jurisdiction over legislation involving subject matters which would be affected by the trade agreement. (2) The consultation under paragraph (1) shall include— (B) how and to what extent the agreement will achieve the applicable purposes, policies, and objectives of this title; and (C) all matters relating to the implementation of the agreement under section 1103. (3) If it is proposed to implement two or more trade agreements in a single implementing bill under section 1103, the consultation under paragraph (1) shall include the desirability and feasibility of such proposed implementation. SEC. 1103. IMPLEMENTATION OF TRADE AGREEMENTS. (a) IN GENERAL.— (1) Any agreement entered into under section 1102 (b) or (c) shall enter into force with respect to the United States if (and only if) (A) the President, at least 90 calendar days before the day on which he enters into the trade agreement, notifies the House of Representatives and the Senate of his intention to enter into the agreement, and promptly thereafter publishes notice of such intention in the Federal Register; |