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U.S. Trade Law |
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The laws governing U.S. trade are numerous and complex. The following overview,
drawn from several sources, provides an outline of the most important laws that
affect U.S. imports and exports and of the authorities the Congress grants to
the president to react to unfair trade practices, regulate trade for other
reasons, and to negotiate trade agreements.
The legislation that implemented the agreements reached under the Uruguay Round
of multilateral trade negotiations -- which established the World Trade
Organization (WTO) -- required substantial changes in many U.S. trade laws.
These changes will go into effect over a number of years. The implementation of
the North American Free Trade Agreement (NAFTA) establishes special procedures
for eliminating trade barriers between the United States, Canada, and Mexico and
for settling disputes.
The principal sources for this overview include: "Overview and Compilation of
U.S. Trade Statutes, 1995 Edition," published by the House of Representatives
Ways and Means Subcommittee on Trade; "The Year in Trade: 1996, Operation of the
Trade Agreements Program," published by the U.S. International Trade Commission;
"Summary of Statutory Provisions Related to Import Relief," published by the
U.S. International Trade Commission; and "1997 Trade Policy Agenda and 1996
Annual Report of the President of the United States on the Trade Agreements
Program," published by the Office of the U.S. Trade Representative.
The overview is divided into seven sections, following the organization of the
Trade Subcommittee's "Overview." It includes a brief description of laws
regulating trade for foreign policy and national security purposes. This kind of
trade law will be the subject of the next issue of "Economic Perspectives."
This overview was written by USIA Economic Writers Bruce Odessey, Warner Rose
and Jon Schaffer.
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