Fair Trade Act of 1982

Summary

Fair Trade Act of 1982 - Amends the Trade Act of 1974 to direct the United States Trade Representative (USTR) to submit an annual report to the President on certain trade practices of countries designated as major trading countries. Requires the first report to be completed within six months after enactment of this Act. Requires the report to contain a study on any major practice of each major trading country that: (1) is inconsistent with a trade agreement; (2) is unjustifiable and restricts U.S. commerce; or (3) denies to competitive U.S. products commercial opportunities that are substantially equivalent to those offered by the United States. Requires the President to: (1) publish such study and submit it and an estimate of the trade distorting impact of the practices identified in the study to the appropriate congressional committees; (2) propose actions necessary to redress imbalances caused by such practices if efforts to obtain their elimination fail; and (3) inform the governments of such countries that such actions will be taken unless such practices cease. Authorizes other Federal agencies to help the USTR carry out this Act. Authorizes appropriations. Adds to the list of unfair trade practices that require Presidential action under the Trade Act of 1974 those foreign trade practices that deny to the United States commercial opportunities substantially equivalent to those offered by the United States. Directs the President to take appropriate action to redress any imbalance resulting from such foreign trade practices. Provides that such action need not be limited to the equivalent product or service sector or the offending act, policy, or practice. Authorizes the House Ways and Means Committee and the Senate Finance Committee to file a resolution with the USTR requesting the President to take action against certain unfair trade practices. Requires (currently authorizes) the USTR to request the views of the International Trade Commission on the economic impact of foreign trade barriers and proposed U.S. retaliation. Requires the USTR, within 180 days of the decision by the President to take action against foreign trade practices, to make preliminary recommendations to the appropriate congressional committees concerning the President's options. Requires the Congress to pass a joint resolution setting forth the specific options for presidential action within 60 days of receiving the USTR's recommendations. Sets forth time limits on legislative action by the appropriate congressional committees. Requires the President to notify the foreign trading country, if the President determines that the dispute settlement procedures under the Trade Act of 1974 will not result in the enforcement of U.S. trade rights within a reasonable period of time, that the President must and will exercise the options Congress has approved after a specified period of time.

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1 official file

• Introduced in Senate

  summary · EN · 1 April 1982

  Open at official source

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