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Trade Acceptance.
A draft drawn on and accepted by a buyer of goods and drawn by the seller.

Trade Act of 1974
Legislation enacted late in 1974 and signed into law in January 1975, granting the President broad authority to enter into international agreements to reduce import barriers. Major purposes were to: (a) stimulate U.S. economic growth and to maintain and enlarge foreign markets for the products of U.S. agriculture, industry, mining and commerce; (b) strengthen economic relations with other countries through open and non-discriminatory trading practices; (c) protect American industry and workers against unfair or injurious import competition; and (d) provide "adjustment assistance" to industries, workers and communities injured or threatened by increased imports. The Act allowed the President to extend tariff preferences to certain imports from developing countries and set conditions under which Most-Favored-Nation Treatment could be extended to non-market economy countries and provided negotiating authority for the Tokyo Round of multilateral trade negotiations.

Trade Adjustment Assistance
TAA for firms and workers is authorized by the 1974 Trade Act. TAA for firms is administered by Commerce; TAA for workers is administered by Labor.

Eligible firms must show that increased imports of articles like or directly competitive with those produced by the firm contributed importantly to declines in its sales and/or production and to the separation or threat of separation of a significant portion of the firm's workers. These firms receive help through Trade Adjustment Assistance Centers (TAACs), primarily in implementing adjustment strategies in production, marketing, and management.

Eligible workers must be associated with a firm whose sales or production have decreased absolutely due to increases in like or directly competitive imported products resulting in total or partial separation of the employee and the decline in the firm's sales or production. Assistance includes training, job search and relocation allowances, plus reemployment services for workers adversely affected by the increased imports.

Trade Adjustment Assistance Centers
TAACs are nonprofit, nongovernment organizations established to help firms qualify for and receive assistance in adjusting to import competition. TAACs are funded by the Commerce Department as a primary source of technical assistance to certified firms.

Trade Agreements Act of 1979
Legislation authorizing the U.S. to implement trade agreements dealing with non-tariff barriers negotiated during the Tokyo Round, including agreements that required changes in existing U.S. laws, and certain concessions that had not been explicitly authorized by the Trade Act of 1974. The Act incorporated into U.S. law the Tokyo Round agreements on dumping, customs valuation, import licensing procedures, government procurement practices, product standards, civil aircraft, meat and dairy products, and liquor duties. The Act also extended the President's authority to negotiate trade agreements with foreign countries to reduce or eliminate non-tariff barriers to trade.

Trade and Development Agency.
TDA grants funds for feasibility studies for large projects on the condition that U.S. firms are used to do the study. Should the project sponsor (usually a foreign government) agree to this condition, the opportunity to do the feasibility study generally is competed among all interested U.S. companies. The project sponsor chooses the company it wants to do the study and enters into a contractual relationship with that company, with TDA underwriting expenses.

Trade Balance
See: Balance of Payments.

Trade Barriers
The United States Trade Representative classifies trade barriers into eight general categories: (1) import policies (tariffs and other import charges, quantitative restrictions, import licensing, and customs barriers); (2) standards, testing, labeling, and certification; (3) government procurement; (4) export subsidies; (5) lack of intellectual property protection; (6) service barriers; (7) investment barriers; and (8) other barriers (e.g., barriers encompassing more than one category or barriers affecting a single sector).

Trade Concordance
Trade concordance refers to the matching of Harmonized System (HS) codes to larger statistical definitions, such as the Standard Industrial Classification (SIC) code and the Standard International Trade Classification (SITC) system. The Bureau of the Census, the United Nations, as well as individual Federal and private organizations, maintain trade concordances for the purpose of relating trade and production data.

Trade Diversion
Trade diversion refers to the situation in which imports from free trade agreement member countries increase, displacing (or substituting) imports from nonmember countries.

Trade Event
A trade event is a promotional activity that may inclu de a demonstration of products or services and brings together in one viewing area the principals in the purchase and sale of the products or services. As a generic term, trade events may include trade fairs, trade missions, trade shows, catalog shows, matchmaker events, foreign buyer missions, and similar functions.

Trade Expansion Act of 1962
The Act provided authority for U.S. participation in the Kennedy Round of the GATT. The legislation granted the President general authority to negotiate, on a reciprocal basis, reductions of up to 50 percent in U.S. tariffs.

The Act explicitly eliminated the "Peril Point" provision that had limited U.S. negotiating positions in earlier GATT Rounds, and instead called on the Tariff Commission, the U.S. International Trade Commission, and other federal agencies to provide information regarding the probable economic effects of specific tariff concessions.

This Act superseded the Trade Agreements Act of 1934, as amended.

Trade Fair
A trade fair is a stage-setting event in which firms of several nationalities present their products or services to prospective customers in a pre-formatted setting (usually a booth of a certain size which is located adjacent to other potential suppliers). A distinguishing factor between trade fairs and trade shows is size. A trade fair is generally viewed as having a larger number of participants than other trade events, or as an event bringing together related industries.

Trade Fair Certification Program
The Commerce Department Trade Fair Certification program was started in 1983 to promote selected privately organized trade shows. The program helps private sector organizations in mounting certified international fairs. Commerce assistance includes promoting the fair among foreign customers and helping exhibitors to make commercial contacts.

Trade Information Center
The Trade Information Center, TIC, is a one-stop source for information on Federal programs to assist U.S. exporters. Telephone: 1-800-USA-TRADE (1-800-872-8723).

Trade Mission
Generically, a trade mission is composed of individuals who are taken as a group to meet with prospective customers overseas. Missions visit specific individuals or places with no specific stage setting other than appointments. Appointments are made with government and/or commercial customers, or with individuals who may be a stepping stone to customers.

ITA trade missions are scheduled in selected countries to help participants find local agents, representatives, and distributors, to make direct sales, or to conduct market assessments. Some missions include technical seminars to support sales of sophisticated products and technology in specific markets. ITA missions include planning and publicity, appointments with qualified contacts and with government officials, market briefings and background information on contacts, as well as logistical support and interpreter service. Trade missions also are frequently organized by other Federal, State, or local agencies.

Trade Negotiations Committee
The TNC is the steering group which manages the Uruguay Round negotiations. The TNC is comprised of all countries participating in the current negotiations (that is, it is not limited simply to members of the GATT). Functioning at the non-ministerial level, the TNC serves as a vehicle for transparency.

Trade Opportunities Program
The Trade Opportunities Program (TOP) is an International Trade Administration service which provides sales leads from overseas firms seeking to buy or represent U.S. products and services. Through overseas channels, U.S. foreign commercial officers gather leads and details, including specifications, quantities, end use, and delivery deadlines. TOPs are cabled to Washington and listed on the Commerce Department's Economic Bulletin Board and redistributed by the private sector.

Trade Policy Information System
The TPIS serves as a primary electronic repository of detailed current and historical trade data, including: (a) U.S. foreign trade data – the detailed U.S. merchandise trade statistics compiled by the Bureau of the Census, (b) United Nations trade data -- trade statistics of over 170 reporting countries on a comparable basis, and (c) International Monetary Fund and World Bank databases -- multi-country statistics on international finance, direction of trade, and developing country debt. TPIS provides a processing capabilities to: (a) obtain and disseminate trade data required for formulating and implementing U.S. trade policy and for export development, (b) provide analytical support to the Trade Promotion Coordinating Committee, and (c) meet the information needs of the U.S. Government trade community and the private sector.

Trade Policy Committee
The TPC is a cabinet-level, interagency trade committee established by the Trade Expansion Act of 1962 (chaired by the USTR) to provide broad guidance on trade issues. The Committee was renewed by an Executive Order at the end of the Carter Administration. Toward the end of the first Reagan administration, with much dissension over Japan policy between the TPC, the Senior Interagency Group (chaired by Treasury), and the other groups, the White House created the Economic Policy Council (EPC) in 1985 as a single forum to reduce tensions.

The Trade Policy Review Group (TPRG) is a subcabinet group which meets about once a week. The TPRG is an ad hoc creation that was not established by law. TPRG membership is fairly fluid; so that agencies which want to participate in a particular discussion can sit at the table.

The Trade Policy Staff Committee (TPSC) has met perhaps once a year since 1988. TPSC was established by law to obtain advice from the private sector on topics such as retaliation; it generally serves as a paper clearance structure.

Beneath the TPSC is a large number (60-to-100, exact counts are not maintained) of TPSC subcommittees. Subcommittees are not independent; they are established ad referendum, to deal with topics of interim interest and are sometimes no more than phone and fax lists of interested parties on a given issue.

Trade Policy Review Mechanism
The TPRM was created at the Uruguay Round mid-term ministerial meeting in Montreal. Under the TPRM, the trade policies of any GATT contracting party are subject to regularly scheduled review by the GATT Council. Reviews may lead to recommendations on ways to improve a contracting party's trade policies.

Trade Promotion Coordinating Committee
The TPCC provides a means for all Federal agencies to coordinate their trade promotion activities, eliminate duplication, and to provide a more focused U.S. Government approach to trade promotion. Committee members include 19 Federal agencies: the Departments of Commerce (as chair), Agriculture, Defense, Energy, Interior, Labor, State, Transportation, and Treasury, the Agency for International Development, the Council of Economic Advisers, the Environmental Protection Agency, Eximbank, the Office of Management and Budget, the Overseas Private Investment Corporation, the Small Business Administration, the Trade and Development Agency, the U.S. Information Agency, and the U.S. Trade Representative. The TPCC formed working groups to aid in coordinating trade promotion programs. Thirteen working groups were operating at the end of 1992: (1) Trade Finance, (2) Food Production, Machinery and Processing, (3) Energy, Environment and Infrastructure, (4) Technology and Aerospace, (5) Services, (6) Enterprise for the Americas, (7) Eastern Europe, (8) Asia and Pacific, (9) State and Local, (10) Minority Business, (11) U.S. Asia Environmental Partnership, (12) Russia, Ukraine, and the Newly Independent States, and (13) Small Business. The TPCC was originally established by Executive Order of the President in May 1990. The Export Enhancement Act of (October) 1992 codified the TPCC.
See: Advocacy Center
Export Enhancement Act of 1992.

Trade-Related Aspects of Intellectual Property Rights
TRIPs refers to U.S. intellectual property rights objectives in the Uruguay Round. These objectives include achieving a comprehensive GATT agreement that would include: (a) substantive standards of protection for all areas of intellectual property (patents, trademarks, copyrights, etc.); (b) effective enforcement measures (both at the border and internally); and (c) effective dispute settlement provisions.

Trade-Related Investment Measures
TRIMs require the use of specified amounts of local inputs rather than imported goods, and requirements to export a certain amount of production. The developed countries (with the exception of Australia) favor prohibiting certain TRIMs; virtually all developing countries oppose prohibiting any TRIMs.

Trade Show
A trade show is a stage-setting event in which firms present their products or services to prospective customers in a pre-formatted setting (usually a booth of a certain size which is located adjacent to other potential suppliers). The firms are generally in the same industry but not necessarily of the same nationality. A distinguishing factor between trade fairs and trade shows is size. A trade show is generally viewed as a smaller assembly of participants.

Trade with Foreign Countries
Puerto Rico is a Customs district within the U.S. Customs territory, and its trade with foreign countries is included in the U.S. export and import statistics. The U.S. export and import statistics include merchandise trade between the U.S. Virgin Islands and foreign countries even though the Virgin Islands of the United States are not officially a part of the U.S. Customs territory. Data on trade of other U.S. outlying possessions with foreign countries is not compiled by the United States.

Tramp Steamer.
A ship not operating on regular routes or schedules.

Transaction Statement.
A document that delineates the terms and conditions agreed upon between the importer and exporter.

Transit Shipment.
A term designating a shipment destined for an interior point or a place best reached by reshipment from another port.

Transshipment.
Transshipment refers to the act of sending an exported product through an intermediate country before routing it to the country intended to be its final destination.
See: Pass-through.

Transit Zones
Transit zones, a form of free trade zone, are ports of entry in coastal countries that are established as storage and distribution centers for the convenience of a neighboring country lacking adequate port facilities or access to the sea. A transit zone is administered so that goods in transit to and from the neighboring country are not subject to the customs duties, import controls or many of the entry and exit formalities of the host country. Transit zones are more limited facilities then a foreign trade zone or a free port.
See: Free Trade Zones.

Transmittal Letter
A list of the particulars of the shipment and a record of the documents being transmitted together with instructions for disposition of documents. Any special instructions are also included.

Transnational Corporation
A TNC is a company which operates in a home country and has an affiliate overseas. The terms transnational corporation and multinational corporation are now used synonymously. Through the 1970s and 1980's the United Nations attempted to assess the impact of TNCs on development and international relations in the world economy. These efforts resulted in considerable complexity in attempting to define a TNC, including associations with impact on developing countries, size, ownership, and other characteristics. Agreement on a specialized definition was never achieved.

Transparency
The extent to which laws, regulations, agreements, and practices affecting international trade are open, clear, measurable, and verifiable.

Travel Advisory Program
The Department of State manages a travel advisory program which publicizes travel warnings and consular information.
Both travel warnings and consular information sheets are available through the Citizens' Emergency Center's automated answering system: 202-647-5225.

Travel Mission
A travel mission is a marketing activity carried out in foreign markets which usually involves trade information, presentations, and media activities.

Travel Warning
See: Travel Advisory Program.

Treaties and Other International Acts Series
When a treaty or an executive agreement is first published by the United States, it is assigned a TIAS number and published in slip form in the Treaties and other International Acts Series. TIAS, published by the Department of State, is a series of individual pamphlets.

Treaties in Force
Treaties In Force, published annually by the Department of State, lists all treaties and executive agreements, both bilateral and multilateral, which are considered to be in force for the United States as of January 1 of the respective year.

Treaty
See: Interntional Agreements.

Treaty of European Union
See: Maastricht Treaty.

Treaty of Rome
The Treaty of Rome, enacted in March 1957, established a European customs union and required the elimination of all quantitative restrictions and other measures having an equivalent effect on trade among the European signatory member states. It was intended to create a single market with free movement of goods, persons, services, and capital and envisioned a single internal European market. It became the founding charter for the European Economic Community, which came into being on January 1, 1958. The Treaty had no provisions for monetary arrangements. Accomplishments following the treaty included completion of the customs union and establishment of the Common Agricultural Policy (CAP).
See: Maastricht Treaty.

Trigger Price Mechanism
The TPM is an antidumping mechanism designed to protect U.S. industries from underpriced imports. First used in 1978 to protect the steel industry, the TPM is the price of the lowest cost foreign producer. Imports priced below the trigger price are assessed a duty equal to the difference between their price and the trigger price.

Tropical Products
Traditionally, agricultural goods of export interest to developing countries in the tropical zones of Africa, Latin America, and East Asia (coffee, tea, spices, bananas, and tropical hardwoods).

Truck Bill of Lading (Waybill or Pro).
A non-negotiable bill of lading for domestic transport. The bill is issued in one original only if it evidences a contract for delivery of the goods (in either "long form" or "short form"), a receipt for the goods, and title to the goods, but no rates or freight charges are shown. However, any party may sign at destination on behalf of the consignee unless "signature service' is required by the shipper, in which case only the party named as consignee may endorse the bill of lading. In addition, insurance may be offered as in air waybills.

Trust Receipt.
An undertaking signed by a buyer, against which a bank releases merchandise for the purpose ofmanufacture or sale, but retains title thereto. The buyer assumes the obligation of maintaining the identity of the merchandise, or the processing thereof, distinct from other assets and to hold them subject to repossession by the bank.

Turnkey
A method of construction whereby the contractor assumes total responsibility from design through completion of the project.

Twenty-Foot Equivalent Unit
TEU is a a measure of a ship's cargo-carrying capacity. One TEU measures twenty feet by eight feet by eight feet -- the dimensions of a standard twenty-foot container. An FEU (forty-foot equivalent unit) equals two TEUs.

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