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 Act provided the President with tariff and non-tariff trade barrier negotiating authority for the Tokyo Round of multilateral trade negotiations. Gerald Ford was the President at the time.
The Trade Act of 1974 gave the President power over tariffs and non-tariff barriers in trade negotiations, allowing him to negotiate trade agreements with expedited approval from Congress. This was during Gerald Ford's presidency, specifically for the Tokyo Round of multilateral trade negotiations.