E. Implementation of the GATT Agreement on Technical Barriers to Trade [Product Standards] (Title IV of the Trade Agreements Act of 1979). 508 2. Implementation of the GATT Agreement on Government Procure- ment (Title III of the Trade Agreements Act of 1979, as amended) Export Administration Act of 1979, as amended.. Multilateral Export Control Enhancement Amendments Act (Sec- tions 2441-2447 of the Omnibus Trade and Competitiveness Act of 1988)... B. Export financing and promotion. 615 B. Trade sanctions against uncooperative major drug-producing or drug- transit countries (Narcotics Control Trade Act).. C. Economic sanctions against terrorism (Sections 504 and 505 of the International Security and Development Cooperation Act of 1985)........ D. Embargo on trade with Cuba (Section 620(a) of the Foreign Assistance F. Economic sanctions against Iraq (Iraq Sanctions Act of 1990).. G. Restrictions on transport of merchandise by foreign vessels (Section 27 of the Merchant Marine Act, 1920, as amended [Jones Act excerpt]).... Section 1101 of the Omnibus Trade and Competitiveness Act of 1988... Sections 1124 and 3004 of the Omnibus Trade and Competitiveness B. General trade agreement and implementation authorities.... Sections 1102, 1103, 1105(b), and 1107 of the Omnibus Trade and C. Specific trade agreement authorities-Continued 5. GATT authorization (Section 121 of the Trade Act of 1974, as D. Trade negotiation procedural requirements. Sections 131-134 of the Trade Act of 1974, as amended Sections 127 (a) and (b) of the Trade Act of 1974 E. Identification of, and action on, specific foreign trade barriers 1. National Trade Estimates report (Section 181 of the Trade Act of 2. Intellectual property rights (Section 182 of the Trade Act of 1974)... 3. Telecommunications trade (Telecommunications Trade Act of Section 1103(a)(3) of the Omnibus Trade and Competitiveness Act 2. Trade relations with nonmarket economy countries. General note 3(b) of the Harmonized Tariff Schedule. Sections 162 and 163 of the Trade Act of 1974, as amended Section 2202 of the Omnibus Trade and Competitiveness Act of 3. Congressional fast track procedures with respect to Presidential actions (Sections 151-154 of the Trade Act of 1974, as amended) ... 4. Approval of certain trade agreements and procedures for amend- ments (Sections 2(a) and (3)(c) of the Trade Agreements Act of 1979)..... E. Uniform statistical data—Continued Section 484(e) of the Tariff Act of 1930, as amended... National Trade Data Bank (Sections 5401-5413 of the Omnibus Trade Analysis: Change in the U.S. international economic position, 1980 to present. Table 1. U.S. exports, imports, and merchandise trade balance Table 2. Composition of U.S. merchandise trade with major countries. Table 3. U.S. export and import performance: Percent change in recent years Table 8. Leading exporters and importers in world merchandise trade.. Table 9. Leading exporters and importers in world trade in commercial serv- PREFACE The role of Congress in formulating international economic policy and regulating international trade is based on a specific Constitutional grant of power. Article I of the U.S. Constitution sets forth the various powers and responsibilities of the legislature. Article I, section 8 lists certain specific express powers of the Congress. Among these express powers are the powers: "to lay and collect taxes, duties, imposts and excises [and] to regulate commerce with foreign nations, and among the several states. . . The Congress therefore is the fundamental authority responsible for Federal Government regulation of international transactions. Within the House of Representatives, jurisdiction over trade legislation lies in the Committee on Ways and Means, based on its jurisdiction over taxes, tariffs, and trade agreements. Throughout the history of U.S. trade law and policy, the Committee on Ways and Means has been at the forefront of its development. The Committee's jurisdiction ranges from regulation of tariff affairs, to regulation of nontariff trade barriers such as quotas and standards, regulation of unfair trade practices such as dumping, subsidization, or counterfeiting, provision of temporary relief from import competition and adjustment assistance, providing for bilateral and multilateral trade agreements with foreign trading partners, and responsibility for authorizing and overseeing the departments and agencies charged with implementation of the trade laws and programs. The difficulties of retaining and exercising full control over international trade matters within the legislative branch were recognized by Congress shortly after enactment of the Smoot-Hawley Tariff Act of 1930. In 1934, the Congress enacted the Reciprocal Trade Agreements Act which delegated to the President authority to negotiate international trade agreements for the reduction of tariffs. This Act, which marked the beginning of the trade agreements program for the United States, represented the first significant delegation of authority from Congress to the President with respect to international trade policy. Since 1934, the delegation of authority from Congress to the President has varied in scope and degree, reflecting congressional concern over maintaining careful control of international trade policy. When the trade agreements negotiating authority granted to the President expired in 1967, for example, it was not renewed again until 1974. In the Trade Act of 1974, Presidential negotiating authority was substantially revised, extended to nontariff as well as tariff negotiations, and made subject to specific consultation and notification requirements both prior to and during the course of negotiation. The Omnibus Trade and Competitiveness Act of 1988, in addition to providing negotiating authority and explicit negotiating objectives for the Uruguary Round, expands the consultation re quirements between USTR and the Congress and requires the formulation of an annual trade policy agenda. Due to the central role of Congress in formulating international economic policy, an understanding of U.S. international trade law and policy must begin with the statutory authorities and programs which provide the foundation for our trade policy. This document provides two essential tools for those interested in obtaining a better understanding of U.S. trade law and policy. Part I contains a general overview of current provisions of our trade laws. This overview was prepared by the staff of the Subcommittee on Trade and provides a thorough yet understandable explanation of how these laws operate. Part II contains a compilation of the actual text of these laws, as amended. This updated statutory compilation incorporates all major provisions of U.S. trade law and includes all amendments to these laws as of the beginning of the 102nd Congress. While this integrated text should not be treated as a substitute for official public laws or the United States Code, it is an accurate and highly useful document which integrates numerous separate Acts of Congress into one text. This edition contains a new Part III providing a comprehensive analysis of U.S. trade and international economic performance over the last decade. Included are a number of tables setting forth useful economic data over this period. We hope this document will prove useful to official policymakers as well as the interested public. |