Summary: S.2603 — 97th Congress (1981-1982)All Information (Except Text)

There is one summary for S.2603. Bill summaries are authored by CRS.

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Introduced in Senate (05/27/1982)

Fair Trade Act of 1982 - Amends the Trade Act of 1974 to direct the United States Trade Representative (USTR) to submit a report to the President on certain trade practices of countries designated as major trading countries. Requires the 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.

Directs the President to publish and submit to the appropriate congressional committees: (1) such study; (2) an estimate of the trade distorting impact of the practices identified in the study; (3) all feasible courses of action which would redress imbalances caused by such practices if efforts to obtain their elimination fail; and (4) a proposed joint resolution which requires the President to take a specific course of action which the President has determined to be the most appropriate course of action.

Authorizes other Federal agencies to help the USTR to carry out this Act. Authorizes appropriations.

Provides for expedited consideration of the proposed joint resolution which the President is required to submit to the appropriate congressional committees. Directs the President, upon enactment of such resolution, to inform the countries involved that the President will undertake the course of action specified in the joint resolution unless the countries eliminate the offensive practices within 60 days.

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.