Tariff Act of 1930 Law and Legal Definition
The Tariff Act of 1930 (Act) is a federal legislation providing for a harmonized tariff schedule in the U.S. The Act also provides for a basic statutory authority to the U.S. International Trade Commission (ITC) to conduct general fact-finding investigations and issue reports on any matter relating to trade. According to 19 USCS § 1332, the ITC has a power to investigate tariff relations between the U.S. and foreign countries, commercial treaties, preferential provisions, economic alliances. The ITC is also authorized to investigate the following :
1. the effect of export bounties and preferential transportation rates;
2.the volume of importations compared with domestic production and consumption; and
3.the conditions, causes, and effects relating to competition of foreign industries with those of the U.S.
The Act is also known as Smoot-Hawley Tariff. It was amended by the Tariff Classification Act of 1962. The Tariff Classification Act amended certain onerous provisions. However, some elements of the Act still serve as the auhtority for a number of general trade provisions to the agricultural sector that includes countervailing duties, antidumping duties, and country-of-origin labeling.