During the 1970s, the U.S. trade surplus slowly diminished and turned into an increasing deficit. As the deficit increased through the 1980s, some of the blame fell on the tariffs placed on US products by foreign countries, and the lack of similar tariffs on imports into the United States. Workers, unions and industry management all called for government action against countries with an unfair advantage.
The Omnibus Trade and Competitiveness Act started as an amendment proposed by Rep.Dick Gephardt (D-MO) to order the Executive branch to thoroughly examine trade with countries that have large trade surpluses with the United States. If the trade surpluses continued, the offending country would be faced with a bilateral surplus-reduction requirement of 10%. Because of its style of zero-sum game thought, it is considered by economists to be a modern form of mercantilism.
ExpirationEdit
The act was signed into law by President Reagan, slightly less strict than proposed, as the Omnibus Trade and Competitiveness Act of 1988. It expired in 1991 and was not renewed until 1994 by President Bill Clinton. It again expired in 1997 and was renewed once more by Clinton in 1999, and was followed by the Trade Act of 2002.
Appleyard, Dennis R, Alfred J Field and Steven L. Cobb. International Economics. McGraw-Hill Irwin, 2006
External linksEdit
Omnibus Trade and Competitiveness Act of 1988 as amended (PDF/details) in the GPO Statute Compilations collection
Omnibus Trade and Competitiveness Act of 1988 as enacted (details) in the US Statutes at Large
October 24, 2023
omnibus, trade, competitiveness, 1988, passed, united, states, congress, signed, into, president, ronald, reagan, 1988long, titlean, enhance, competitiveness, american, industry, other, purposes, nicknamesagricultural, competitiveness, trade, 1988enacted, byth. The Omnibus Trade and Competitiveness Act of 1988 is an act passed by the United States Congress and signed into law by President Ronald Reagan Omnibus Trade and Competitiveness Act of 1988Long titleAn Act to enhance the competitiveness of American industry and for other purposes NicknamesAgricultural Competitiveness and Trade Act of 1988Enacted bythe 100th United States CongressEffectiveAugust 23 1988CitationsPublic law100 418Statutes at Large102 Stat 1107CodificationTitles amended19 U S C Customs DutiesU S C sections created19 U S C ch 17 2901 et seq Legislative historyIntroduced in the House as H R 4848 by Dan Rostenkowski D IL on 16 June 1988Committee consideration by House Agriculture House Armed Services House Banking Finance and Urban Affairs House Education and Labor House Foreign Affairs House Government Operations House Energy and Commerce House Judiciary House Merchant Marine and Fisheries House Public Works and Transportation House Rules House Small Business House Science Space and Technology House Ways and MeansPassed the House on 13 July 1988 376 45 Passed the Senate on 3 August 1988 85 11 Signed into law by President Ronald Reagan on 23 August 1988 Contents 1 History 2 Expiration 3 See also 4 References 5 External linksHistory EditDuring the 1970s the U S trade surplus slowly diminished and turned into an increasing deficit As the deficit increased through the 1980s some of the blame fell on the tariffs placed on US products by foreign countries and the lack of similar tariffs on imports into the United States Workers unions and industry management all called for government action against countries with an unfair advantage The Omnibus Trade and Competitiveness Act started as an amendment proposed by Rep Dick Gephardt D MO to order the Executive branch to thoroughly examine trade with countries that have large trade surpluses with the United States If the trade surpluses continued the offending country would be faced with a bilateral surplus reduction requirement of 10 Because of its style of zero sum game thought it is considered by economists to be a modern form of mercantilism Expiration EditThe act was signed into law by President Reagan slightly less strict than proposed as the Omnibus Trade and Competitiveness Act of 1988 It expired in 1991 and was not renewed until 1994 by President Bill Clinton It again expired in 1997 and was renewed once more by Clinton in 1999 and was followed by the Trade Act of 2002 See also EditTrade Act of 2002 Currency manipulator Exon Florio AmendmentReferences EditAppleyard Dennis R Alfred J Field and Steven L Cobb International Economics McGraw Hill Irwin 2006 Cass Ronald A Velvet Fist in an Iron Glove The Omnibus Trade and Competitiveness Act of 1988 Regulation Winter 1991 External links EditOmnibus Trade and Competitiveness Act of 1988 as amended PDF details in the GPO Statute Compilations collection Omnibus Trade and Competitiveness Act of 1988 as enacted details in the US Statutes at Large Retrieved from https en wikipedia org w index php title Omnibus Trade and Competitiveness Act amp oldid 1149582631, wikipedia, wiki, book, books, library,
