Fair Trade Act of 1992

[AI summary unavailable — showing source text] Fair Trade Act of 1992 - Amends the Trade Act of 1974 to require the United States Trade Representative (USTR), if he or she determines that U.S. goods and services do not receive reciprocal treatment in the markets of a nation because of tariffs or other trade barriers, to: (1) determine the monetary amount lost by exporters of such goods and services due to the lack of such reciprocal treatment; and (2) restrict the importation into the United States of goods and services exported by such nation to offset the lost amount. Directs the USTR to determine annually, based on the national trade estimates, for each nation that trades with the United States, whether it is: (1) maintaining open markets for U.S. goods and services; (2) refraining from government subsidies or other unfair trade practices; and (3) extending reciprocal treatment to U.S. goods and services. Requires the USTR to report annually to the Congress on action taken against any nation based on the aforementioned determinations.…