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THE TRADE REFORM ACT OF 1973

HEARINGS

BEFORE THE

COMMITTEE ON FINANCE
UNITED STATES SENATE

NINETY-THIRD CONGRESS

SECOND SESSION

ON

H.R. 10710

AN ACT TO PROMOTE THE DEVELOPMENT OF AN OPEN,
NONDISCRIMINATORY, AND FAIR WORLD ECONOMIC SYS-
TEM, TO STIMULATE THE ECONOMIC GROWTH OF THE

UNITED STATES, AND FOR OTHER PURPOSES

MARCH 4, 5, 6, 7, 21, 22, 25, 26, 27, 28, 29, APRIL 1, 2, 3, 4, 5, 8, 9,

AND 10, 1974

PART 1

Administration Witnesses-Department of the Treasury and
Office of Special Representative for Trade Negotiations

(March 4 and 5, 1974)

Printed for the use of the Committee on Finance

U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON : 1974

30-229 O

For sale by the Superintendent of Documents, U.S. Government Printing Office

Washington, D.C. 20402 - Price $2.80

COMMITTEE ON FINANCE

RUSSELL B. LONG, Louisiana, Chairman HERMAN E. TALMADGE, Georgia

WALLACE F. BENNETT, Utah VANCE HARTKE, Indiana

CARL T. CURTIS, Nebraska J. W. FULBRIGHT, Arkansas

PAUL J. FANNIN, Arizona ABRAHAM RIBICOFF, Connecticut

CLIFFORD P. HANSEN, Wyoming HARRY F. BYRD, JR., Virginia

ROBERT DOLE, Kansas GAYLORD NELSON, Wisconsin

BOB PACKWOOD, Oregon WALTER F. MONDALE, Minnesota

WILLIAM V. ROTH, JR., Delaware MIKE GRAVEL, Alaska LLOYD BENTSEN, Texas

MICHAEL STERN, Staff Director

(II)

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ance

Protection needed against future embargoes--

U.S. embargo powers--

Flexible exchange rates.-

Problems in the shoe industry-

Repayment of Russian debt contingent on MFN status.

Oil prices and availability---

Trade deficits and rising imported oil prices.-

Use of administration's retaliatory authority---

Refusal of countries to abide by trade agreements.

Comparative advantage--

Fair trade-----

Generalized preferences.-

List of imports from less developed countries.

Japan and GATT..

Countervailing duty law---

Lack of judicial review for negative determinations of anti-dumping-

Progress in the area of monetary reform--

Alleged food crisis.-

Definition of raw material..

Need for trade legislation now.

Nontariff barriers--

Conditional most-favored-nation treatment needed -

Canadian automobile agreement.

Foreign oil and the energy crisis.

Need for reshaping world economy-

Elimination of restrictions on United States.-

Employment of EEC..

Bill provides more negotiating authority-

New techniques of negotiating seen needed.--

Close cooperation with Congress during negotiations seen necessary-

Advise of industrial agricultural, labor, and public interests needed.--

Momentum developed for trade talks_

Energy crisis and trade negotiations--------

(V)

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