By maxyale-2 septembre 20, 2021 In

Fast Track Authority Trade Agreement

But President Trump withdrew from the TPP and didn`t show much interest in TTIP. The following year, the Obama administration worked to renew the TPA, and in June 2015, Congress passed and was signed by the president. [1] Known as the Trade Preferences Extension Act of 2015, the Obama administration`s legislation has “increased the power to negotiate important trade agreements with Asia and Europe.” [2] The recognition of the harm caused by high global tariffs in the wake of the Great Depression marked a significant shift in U.S. trade policy. The pioneering Trade Act of 1934 effectively “approved” the president`s power to reduce U.S. tariffs within certain limits by allowing the president to enter into reciprocal tariff reduction agreements. The law was extended 11 times until 1962. Procedurally, Fast Track can serve valuable purposes….