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LETTER OF TRANSMITTAL

COMMITTEE ON WAYS AND MEANS,

Hon. DAN ROSTENKOWSKI,

HOUSE OF REPRESENTATIVES, Washington, DC, January 6, 1993.

Chairman, Committee on Ways and Means,
House of Representatives, Washington, DC.

DEAR MR. CHAIRMAN: In 1987, the Committee first published a resource document entitled "Overview and Compilation of U.S. Trade Statutes" for use by Committee Members and interested parties in the international trade community. This document was unique in that it contained not only an overview of the operation of foreign trade statutes, but also an up-to-date statutory text of such laws, which integrated numerous separate acts of Congress into a single statutory compilation.

This document was so well received by Members of Congress, Congressional staff, government officials, the international trade community and the general public that an updated version was published in 1989 and an updated and expanded version was published in 1991. In addition to the description and text of statutory provisions contained in earlier editions, the 1991 edition contained a comprehensive analysis of U.S. trade and international economic performance during the last decade. Consequently, the document's title was changed to "Overview and Compilation of U.S. Trade Statutes, Including Economic Data." In order to update the changes in various trade statutes and economic data since the publication of the 1991 edition, the staff has prepared a new version, incorporating all statutory provisions enacted through the 102d Congress and economic data through 1991.

As was the case with the earlier versions, the statutory authorities selected are the major provisions of Federal law which are directly related to the conduct of U.S. international trade. The compilation is not meant to be a comprehensive treatise of every trade-related law or program, nor does it cover provisions to regulate domestic commerce. The laws and programs which are within the jurisdiction of the Committee on Ways and Means are the main focus of this document, and are discussed in the greatest detail. In addition, some of the laws and programs described may be within the jurisdiction of other committees of the House of Representatives. These provisions are included in order to provide a complete survey of the principal trade authorities.

The document has been prepared by the Committee's trade staff with assistance from the Congressional Research Service and vari

ous Government agencies, to which the staff extends its most sincere thanks.

Any suggestions on how to improve this document as a reference tool in subsequent editions of this publication are always welcome. Sincerely yours,

JANICE MAYS, Chief Counsel and Staff Director.

PREFACE

The role of Congress in formulating international economic policy and regulating international trade is based on a specific Constitutional grant of power. Article I of the U.S. Constitution sets forth the various powers and responsibilities of the legislature. Article I, section 8 lists certain specific express powers of the Congress. Among these express powers are the powers:

"to lay and collect taxes, duties, imposts and excises

[and] to regulate commerce with foreign nations, and among the several states...

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The Congress therefore is the fundamental authority responsible for Federal Government regulation of international transactions. Within the House of Representatives, jurisdiction over trade legislation lies in the Committee on Ways and Means, based on its jurisdiction over taxes, tariffs, and trade agreements. Throughout the history of U.S. trade law and policy, the Committee on Ways and Means has been at the forefront of its development. The Committee's jurisdiction ranges from regulation of tariff affairs, to regulation of nontariff trade barriers such as quotas and standards, regulation of unfair trade practices such as dumping, subsidization, or counterfeiting, provision of temporary relief from import competition and adjustment assistance, providing for bilateral and multilateral trade agreements with foreign trading partners, and responsibility for authorizing and overseeing the departments and agencies charged with implementation of the trade laws and programs. The difficulties of retaining and exercising full control over international trade matters within the legislative branch were recognized by Congress shortly after enactment of the Smoot-Hawley Tariff Act of 1930. In 1934, the Congress enacted the Reciprocal Trade Agreements Act which delegated to the President authority to negotiate international trade agreements for the reduction of tariffs. This Act, which marked the beginning of the trade agreements program for the United States, represented the first significant delegation of authority from Congress to the President with respect to international trade policy.

Since 1934, the delegation of authority from Congress to the President has varied in scope and degree, reflecting congressional concern over maintaining careful control of international trade policy. When the trade agreements negotiating authority granted to the President expired in 1967, for example, it was not renewed again until 1974. In the Trade Act of 1974, Presidential negotiating authority was substantially revised, extended to nontariff as well as tariff negotiations, and made subject to specific consultation and notification requirements both prior to and during the course of negotiation. The Omnibus Trade and Competitiveness Act of 1988, in addition to providing negotiating authority and explicit negotiating objectives for the Uruguay Round, expands the consultation re

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quirements between USTR and the Congress and requires the formulation of an annual trade policy agenda.

Due to the central role of Congress in formulating international economic policy, an understanding of U.S. international trade law and policy must begin with the statutory authorities and programs which provide the foundation for our trade policy. This document provides two essential tools for those interested in obtaining a better understanding of U.S. trade law and policy. Part I contains a general overview of current provisions of our trade laws. This overview was prepared by the staff of the Subcommittee on Trade with the assistance of the Congressional Research Service and provides a thorough yet understandable explanation of how these laws operate. Part II contains a compilation of the actual text of these laws, as amended. This updated statutory compilation incorporates all major provisions of U.S. trade law and includes all amendments to these laws as of the beginning of the 103d Congress. While this integrated text should not be treated as a substitute for official public laws or the United States Code, it is an accurate and highly useful document which integrates numerous separate Acts of Congress into one text. Part III provides a comprehensive analysis of U.S. trade and international economic performance over the last decade. Included are a number of tables setting forth useful economic data over this period. We hope this document will prove useful to official policymakers as well as the interested public.

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