Fair International Trade Act

Fair International Trade Act - Declares it to be the purpose of this Act to prevent the destructive effects of an undue increase of imports on the domestic economy while providing for the expansion of imports in proportion as the domestic market for the same or similar products may expand.

Provides that the President shall, within one hundred and twenty days after the effective date of this Act, except as otherwise provided, limit the total quantity of each category of goods produced in any foreign country that may be entered in any calendar year of any specified part thereof, beginning with the year 1973, to the average annual quantity of such category of goods as was imported during the three-year period of 1970-1972, as determined by the Tariff Commission.

Provides that, no article the production and sale of which an unexpired patent has been issued by the United States Patent Office to a domestic producer shall be imported in an amount by quantity or value that shall exceed 5 percent of the annual apparent domestic consumption of the same article in the United States during the first five years after the issuance of the patent, or more than 10 percent of such consumption during the second five-year period, or more than 15 percent after the third five-year period after issuance of the patent.

Provides that if the share of the domestic market supplied by imports of the article or category of articles has increased by more than 10 percent in the most recent three-year period over the share supplied during the next preceding three-year period but not more than 20 percent, the base quantity for the imposition of the quantitative limitation shall be the average imports of the article during the three-year period of 1970-1972.

Provides that the President shall treat the share of domestic consumption supplied by imports in any given region of the country as if such share were national in scope and proclaim any quantitative import limitations accordingly by region.

Provides that the President shall proclaim a quantitative limitation on imports of agricultural products under the same conditions with respect to the share of domestic consumption supplied by imports as govern other articles under this Act.