Fair International Trade Act

Fair International Trade Act - States that the purpose of this Act is to prevent the destructive effects of an undue increase of imports on the domestic economy while providing for the expansion of imports in proportion to the domestic market for the same or similar products.

Directs the Tariff Commission to make an investigation as required by this Act upon the request of the President, upon resolution of either the Senate Committee on Finance or the House Committee on Ways and Means, upon its own motion, or upon a filing of a petition by a trade association, a national labor union, or other interested party,u.

Defines terms such as "domestic consumption," for purposes of this Act.

Authorizes the President, within 120 days after the effective date of this Act, to limit the total quantity of each category of imported domestic goods produced after January 1, 1973, to the average annual quantity of such category of goods as was imported during the three-year period of 1969-1971, as determined by the Tariff Commission.

Provides exceptions from these import limitations: (1) if the average imports of the article during the 2 most recent calendar year periods have not increased more than 20 percent over the average imports during the next preceding 2-year period, and if the average share of apparent domestic consumption supplied by imports of the article was less than 10 percent thereof during the most recent 2-year period; (2) if a quantitative limitation on importation of the article is in effect in pursuance of any other United States statute; (3) if a limitation on importation of the article would, in the judgment of the Tariff Commission, cause a serious increase in the price of the article in the domestic market; (4) if the Tariff Commission finds that the domestic industry producing the article has failed to adopt the necessary technological improvements in production to remain competitive with the imported article; or (5) if the article is on the free list and is not bound on the free list in a trade agreement.

Prohibits the importation of any article on which an unexpired patent has been issued by the United States Patent Office to a 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 the issuance of the patent.

Provides for quantitative import limitations where excessive imports are concentrated in one or more regional areas of the United States.

Requires the Secretary of Commerce upon the request of the Tariff Commission to supply such import statistics as the Commission may need in order to carry out the provisions of this Act.

Provides for quantitative limitations 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.