Trade Act of 1974

The Trade Act of 1974 is a U.S. law aimed at enhancing American trade policies and improving economic relations with other countries. It established procedures for the President to negotiate trade agreements, particularly to reduce tariffs and other barriers. Notably, it allows for special trade adjustment assistance for workers affected by international competition. The Act also emphasizes the need for global economic engagement while addressing unfair trade practices, such as dumping (selling products below cost). Overall, it seeks to promote fair trade, protect jobs, and strengthen America’s economic position in the world.