Which section of the Omnibus Trade and Competitiveness Act recognizes that foreign penetration of U.S. markets can cause serious competitive pressure, loss of market share, and possibly severe financial harm?
A) the market access section
B) the export expansion section
C) the import relief section
D) the foreign exchange regulation section
E) the trade deficit section

Question

Quizplus · Accepted Answer

The import relief section of the Omnibus Trade and Competitiveness Act is designed to address the issues arising from foreign penetration of U.S. markets, including competitive pressure, loss of market share, and potential severe financial harm. This section provides mechanisms for temporary relief to industries and workers adversely affected by increased imports.

Which Section of the Omnibus Trade and Competitiveness Act Recognizes