Trade Act Of 1974

People tend to get their panties in a bunch when you bring up “trade” today just as much as they did decades ago. As the world began to turn into a global capitalist system, this was good for some in the U.S., and bad for others. It made more money for capitalists, and provided American consumers with super cheap, imported goods. On the other hand, entire manufacturing industries were shrunk, causing many blue collar workers to be short on jobs and work options.

Abroad there were issues too, like trade disputes between countries about barriers and tariffs. Just about everyone is affected by trade one way or another, sometimes affected by negatively and positively at the same time. No wonder trade is such a hot topic (for politicians and economists, at least).

The Trade Act of 1974 tried to ease all of this trading shenanigans. It shaped the way US makes trade sanctions and tariffs, reviews petitions of domestic workers negatively affected by trade, and negotiates trade relations with other countries. To this day, the Trade Act of 1974 tries to help smooth over the negative effects of trade, and boost the positive effects. Easier said than done, folks.