U.S. International Trade Commission (USITC)



United States International Trade Commission (USITC)

Introduction

The United States International Trade Commission (USITC) is an autonomous federal agency responsible for presenting foreign trade examination and recommendations relating to foreign trade to the legislative as well as federal branches of the United States government. The USITC is objective and bipartisan in all its functions. The main duties and responsibilities of the USITC are delineated in many legislative acts for instance Omnibus Trade and Competitiveness Act of 1988, the Trade Agreements Act of 1979, the Trade Act of 1974, the Trade Expansion Act of 1962 and the Tariff Act of 1930.

Discussion

Initially in 1916, the USITC was formed as the United States Tariff Commission. The organization took its current title in 1974. The USITC's purpose is to resolve the outcomes of imports on American commerce. USITC economists also assemble information on international trade and distribute this knowledge to a variety of agencies and government branches, and also to the public. The USITC works only in an advisory facility. It cannot talk with governments of other countries nor does it place policy. The USITC can, on the other hand, take direct action against inequitable trade activities relating to patent, copyright, and trademark breach. The USITC also amends and issues the Schedule of Harmonized Tariff for the government of USA. A tariff is a tax or duty levied by government particularly on imports and rarely on exports. The rationale behind this tax is to defend domestic markets. In the USA, Congress is the exclusive authority for policing trade with foreign countries. Ever since its inauguration, the government of USA had been under intense pressure to construct some kind of a tariff commission. The financial system and market grew over the time with magnitude of commerce expanded so did the demands for ...