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 an amount equal to the excess of the amount of the product needed for consumption over the amount of the product produced before import worker layoffs. Directs the the Secretary of Commerce to apportion the quantities entered by country.

Permits the Secretary of Commerce to order gradual reductions in the quantity entered until the quota limit is reached.

Directs the Secretary of Commerce to administer this Act.