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PUBLIC LAW 87.794-OCT. 11, 1%2

[76 STAT.

Public Law 87-794 October 11. 1962 [H. R. l l » 7 a j

AN ACT

To promote the general welfare, foreign policy, and security of the United States through international trade agreements and through adjustment assistance to domestic industry, agriculture, and labor, and for other purposes. Be it eimcted by the Senate and House of Representatives United States of America in Congress assembledy

Trade Expansion Act of 1962.

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TITLE I—SHORT TITLE AND PURPOSES SEC. 101. SHORT TITLE.

This Act may be cited as the "Trade Expansion Act of 1962". SEC. 102. STATEMENT OF PURPOSES.

The purposes of this Act are, through trade agreements affording mutual trade benefits— (1) to stimulate the economic growth of the United States and maintain and enlarge foreign markets for the products of United States agriculture, industry, mining, and commerce; (2) to strengthen economic relations with foreign countries through the development of open and nondiscriminatory trading in the free world; and (3) to prevent Communist economic penetration.

TITLE II—TRADE AGREEMENTS CHAPTER 1—GENERAL AUTHORITY SEC. 201. BASIC AUTHORITY FOR TRADE AGREEMENTS.

(a) Whenever the President determines that any existing duties or other import restrictions of any foreign country or the United States are unduly burdening and restricting the foreign trade of the United States and that any of the purposes stated in section 102 will be promoted thereby, the President may— (1) after June 30, 1962, and before July 1, 1967, enter into trade agreements with foreign countries or instrumentalities thereof; and (2) proclaim such modification or continuance of any existing duty or other import restriction, such continuance of existing duty-free or excise treatment, or such additional import restrictions, as he determines to be required or appropriate to carry out any such trade agreement. (b) Except as otherwise provided in this title, no proclamation pursuant to subsection (a) shall be made— (1) decreasing any rate of duty to a rate below 50 percent of the rate existing on July 1, 1962; or (2) increasing any rate of dut^ to (or imposing) a rate more than 60 percent above the rate existing on July 1, 1934. SEC. 202. LOW-RATE ARTICLES.

Section 201(b)(1) shall not apply in the case of any article for which the rate of duty existing on July 1, 1962, is not more than 5 percent ad valorem (or ad valorem equivalent). I n the case of an article subject to more than one rate oi duty, the preceding sentence shall be applied by taking into account the aggregate of such rates.

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