Speech #930162408

This will hopefully represent a substantial improvement in the trade adjustment assistance program. which under present law has not been successful. In title V of this bill. the United States is given the authority to make good on its longstanding international commitment to permit lessdeveloped countries to increase their exports to the U.S. market The European Economic Community and Japan have already extended some form of preferential treatment to these manufactured products. leaving the United States as the only major western industrial nation which thus far has not yet fulfilled its commitment to extending dutyfree treatment to a limited number of products from lessdeveloped countries for a limited time and with adequate safeguards against injury to American industries and workers. Finally. the passage earlier today of the Vanik amendment to title IV. ties freedom of immigration to the grant to nonmarket countries--such as the Soviet Unionof mostfavorednation treatment. My colleague and distinguished economist Mr. REuss stated succinctly one of my principal disappointments with this legislation: It is regrettable that the trade bill includes no provision to change the tax treatment of multinational corporations.