Fair International Trade Act

[AI summary unavailable — showing source text] Fair International Trade Act - States that the purpose of this Act is to prevent the destructive effects of an undue increase of imports on the domestic economy while providing for the expansion of imports in proportion to the domestic market for the same or similar products. Directs the Tariff Commission to make an investigation as required by this Act upon the request of the President, upon resolution of either the Senate Committee on Finance of the House Committee on Ways and Means, upon its own motion, or upon a filing of a petition by a trade association, a national labor union, or other interested party. Defines terms such as "domestic consumption,: and "share of domestic consumption,: for purposes of this Act. Authorizes the President, within 120 days after the effective date of this Act to limit the total quantity of each category of imported domestic goods produced after January 1, 1973, to the average annual quantity of such category of goods as was imported during the three-year period of 1970 - 1972, as determined by the Tariff Commission. Prohibits the importation of any article on which an unexpired patent has been issued by the United States Patent Office to a domest…