Fair Trade Act

Fair Trade Act - Declares it the policy of Congress that access to the United States market should be on an equitable basis.

Imposes import quotas on all products entering the United States, after January 1, 1979.

Establishes such quota at ten percent of goods needed for consumption or use in the United States unless the demand exceeds domestic production by more than ten percent.

Permits the Secretary of Commerce to order gradual reductions in the quantity entered until the ten percent limit is reached. Directs the Secretary of Commerce to administer this Act.