Trade Act Of 1974
Definition of 'Trade Act Of 1974'
Legislation passed by U.S. Congress to expand
The act also provided relief for American industries negatively affected by increased international trade and changed tariffs on imports from developing countries. Further, it provided for
Investopedia explains 'Trade Act Of 1974'
International trade has long been a contentious political and economic issue. Opponents of it argue that it takes jobs away from domestic workers. Proponents argue that, while international trade may force domestic workers to move into other lines of work, free trade takes full advantage of specialization and division of labor to improve economic conditions in all participating countries.