The Analysis On The Trade Reform Act Of 1974 Of United States

The Trade Reform Act of 1974 is the key in the American laws and regulations system of modern Trade law,which reflects the foreign trade strategy of the United States after World War II.This paper attempts to start from the perspective of macro holistic analysis of the law basic features and historical significance.In the late 1960 s and early '70 s,the rise of the European Union and Japan to the United States unilaterally obligation of market economy and opening of free trade strategy caused great pressure.To get rid of the economic downturn,expand economic and trade development,the government introduced The Trade Reform Act of 1974.The legal inherit the Reciprocal Trade Agreements Act of 1934,continue to expand the president's authority of promoting international free trade negotiation,and according to the international economic situation changes,stress free trade on the basis of fair principle,strengthen the protection of domestic industries,constitutes the important turning point in the history of the United States Trade laws and regulations.The ‘fast-track' procedure and adjustment of negotiating body embodies the tendency of the administrative organ to promote trade liberalization;The revision of the terms and conditions of relief aid measures,against unfair trade practices,and to establish a retaliatory terms,is to reflect the demands of domestic trade protectionism.By investigating the historical background of this law,the terms of the bill and the effect and influence,this paper argues that the trade reform act of 1974 was a synthetic reaction of American economic hegemony relative decline and trade protection resurgence,its purpose is to emphasize fairness on the basis of free trade,reflected the United States government trade policy from the early post-war obligation of open markets alone,to request the new rise of the European Union and Japan peer periodic adjustment of undertake the obligation to open markets.