Trade Act of 1974

[AI summary unavailable — showing source text] Trade Reform Act - States that the purposes of this Act are to: (1) stimulate economic growth of the United States and to maintain and enlarge foreign markets for United States products; and (2) strengthen economic relations with foreign countries through fair market opportunities and open trade. Title I: Negotiating And Other Authority - Grants to the President authority to enter into trade agreements with foreign countries, and unlimited authority to modify, continue, or eliminate duties on imports pursuant to such agreements. Gives the President authority for five years to make trade agreements for the reduction or elimination of trade barriers. Requires the President to consult with the House Ways and Means Committee and the Senate Finance Committee before making such agreements. Provides that such agreements shall take effect only if the President notifies the Congress 90 days in advance and thereafter explains such agreement to the Congress. Allows the Congress to disapprove such agreement. States that the reduction in duty rate on any article which is in effect on any day pursuant to a trade agreement shall not exceed the reduction which would have been in effect on such day…