TeachMeFinance.com - explain Omnibus Trade and Competitiveness Act of 1988
Omnibus Trade and Competitiveness Act of 1988 The term 'Omnibus Trade and Competitiveness Act of 1988 ' as it applies to the area of agriculture can be defined as ' P.L. 100-418 (August 23, 1988) provided the President with negotiating authority for the General Agreement on Tariffs and Trade (GATT) Uruguay Round, U.S.-Canada Free Trade Agreement, and the North American Free Trade Agreement, and specified U.S. negotiating objectives regarding agriculture. The law revised statutory procedures for dealing with unfair trade practices and import damage to U.S. industries. It gave USDA discretionary authority to trigger marketing loans for wheat, feed grains, and soybeans, if it is determined that unfair trade practices exist'.
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