Trades Agreement Act

Introduced on 19.06.1979. Trade Agreements Act 1979 – Approves certain trade agreements and declarations on proposed administrative measures for the implementation of such agreements. Authorizes the President to accept the final legal instruments containing such agreements. Limits the President`s power of acceptance. Requests the President to submit to Congress provisions and amendments to the existing statutes necessary for the implementation of such agreements. Requests the Special Representative for Trade Negotiations to keep Congress delegates informed of any requirements, amendments or recommendations of such agreements on trade negotiations. Title I: Countervailing duties and anti-dumping duties – Amendment of the Customs Act 1930 by applying a countervailing duty on imported goods where: (1) the managing authority finds that such products are receiving subsidies from a country subject to the Agreement on Subsidies and Countervailing Measures or a similar agreement; and (2) the U.S. International Trade Commission finds that the U.S. industry is seriously harmed or delayed by these imports. It provides that this countervailing duty is equal to the amount of the net subsidy. order the managing authority to examine whether such a subsidy is granted to imported products when it receives: (1) information indicating that such a situation exists; or (2) a petition from an interested party asserting the existence of such a situation.

Provides that such a request will be submitted to the Commission in addition to the managing authority. The managing authority obliges the Commission to notify any investigation in order to enable the Commission to determine whether there is evidence of material injury suffered by the US industry. Requires that provisional and final decisions be made within specified time frames. provides for the closure or suspension of such an investigation where: (1) the petition is withdrawn by the petitioner; or (2) the country claiming to provide subsidies agrees to remove those subsidies, to cease exporting such products or, in exceptional circumstances, to eliminate the injurious effects of exports to the United States. Sets restrictions on such agreements. Obliges the managing authority to publish a decision on the countervailing duty when the managing authority and the Commission make definitive findings on the subsidies granted to imported products. requires that imported products be subject to an anti-dumping duty where: (1) the managing authority finds that such products are sold or are likely to be sold in the United States at a value below their fair value; and (2) the Commission finds that the US industry is seriously injured or delayed by these imports. Provides that such an anti-dumping duty shall be the amount for which the foreign market value exceeds the U.S. price of those products. . .

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