Trade Act of 1974 
 
Legislation enacted late in 1974 and signed into law in January 1975, 
granting the President broad authority to enter into international 
agreements to reduce import barriers.  Major purposes were to:  (a) 
stimulate U.S. economic growth and to maintain and enlarge foreign markets 
for the products of U.S. agriculture, industry, mining and commerce; (b) 
strengthen economic relations with other countries through open and 
non-discriminatory trading practices; (c) protect American industry and 
workers against unfair or injurious import competition; and (d) provide 
"adjustment assistance" to industries, workers and communities injured or 
threatened by increased imports.  The Act allowed the President to extend 
tariff preferences to certain imports from developing countries and set 
conditions under which Most-Favored-Nation Treatment could be extended to 
non-market economy countries and provided negotiating authority for the 
Tokyo Round of multilateral trade negotiations.