Here are highlights of the sweeping trade bill approved Thursday by the House:
Authorizes the president to reach international trade agreements and guarantees them speeded up consideration with amendments ruled out.Transfers from the president to the U.S. trade representative authority to retaliate against international trade violations and other unfair practices.
Calls for mandatory retaliation but allows waivers if U.S. rights remain intact, national security is threatened or in certain other cases.
Streamlines procedures for imposing import curbs to aid American industries threatened by surges in foreign competition and offset foreign export subsidies.
Tightens law against trading partners dumping goods selling their goods overseas at prices below those in their domestic market.
Requires speeded up and expanded benefits for those left jobless under the Trade Adjustment Assistance program aimed at industries in which plants have closed because of stepped up import competition.
Calls for a 0.15 percent import fee to finance benefits under the Trade Adjustment Assistance program.
Extends Trade Adjustment Assistance benefits to oil industry workers, retroactive to Sept. 30, 1985.
Repeals the tax on windfall oil-company profits.
Requires all but the smallest businesses to give employees 60-day notice of plant closings and large-scale layoffs.
Calls for trade sanctions against Toshiba Corp. and one of its subsidiaries for the subsidiary's sale of submarine-silencing equipment to the Soviets; also applies to the Norwegian company, Kongsberg Vapenfabrikk, which participated in the sale.
Eases some provisions of the Foreign Corrupt Practices Act, ending U.S. criminal liability in certain cases for payments to officials overseas; tightens penalties for violation.
Relaxes restrictions on overseas shipment of high-tech equipment that could have military uses to a number of Western countries and Japan and decontrols export of low-tech equipment.
Strengthens law against foreign pirating of U.S. intellectual property, such as copyrighted computer programs.
Increases by $1.5 billion to a total of $2.5 billion the Export Enhancement Program under which exporters are paid in government surplus crops to ship American grain and other farm products overseas.
Authorizes an estimated $500 million in additional payments to wheat, feed grains and oilseed crop producers unless significant progress is reached under the General Agreement on Tariffs and Trade by January 1990 in phasing out farm subsidies worldwide.
Requires the secretary of the treasury to move toward establishing an international debt management authority that would purchase the debt of Third World countries that are now burdened with crushing debt.