12[1]) was passed to give the President more power in matters of trade agreements and tariffs.

The Trade Act of 1974 created fast track authority for the President to negotiate trade agreements that Congress can approve or disapprove but cannot amend or filibuster.

The fast track authority created under the Act was set to expire in 1980, was extended for 8 years in 1979,[2] was renewed again in 1988 until 1993 to allow for the negotiation of the Uruguay Round within the framework of the General Agreement on Tariffs and Trade (GATT),[3] and was again extended to 16 April 1994,[4][5][6] a day after the Uruguay Round concluded in the Marrakesh Agreement transforming the GATT into the World Trade Organization (WTO).

The Obama Administration sought renewal for fast track authority in 2012.

It also gave the President broad authority to counteract injurious and unfair foreign trade practices.