Fair International Trade Act

[AI summary unavailable — showing source text] Fair International Trade Act - Declares it to be the purpose of this Act to prevent the destructive effects of an undue increase of imports on the domestic economy while providing for the expansion of imports in proportion as the domestic market for the same or similar products may expand. Provides that the President shall within one hundred and twenty days after the effective date of this Act, except as otherwise provided, limit the total quantity of each category of goods produced in any foreign country that may be entered in any calendar year or any specified part thereof, beginning with the year 1973, to the average annual quantity of such category of goods as was imported during the three-year period of 1969-1971, as determined by the Tariff Commission. Provides that no article on the production and sale of which an unexpired patent has been issued by the United States Patent Office to a domestic producer shall be imported in an amount by quantity or value that shall exceed 5 percent of the annual apparent domestic consumption of the same article in the United States during the first five years after the issuance of the patent, or more than 10 percent of such consumption durin…