U.S. HOUSE PANEL APPROVES TRADE BILL
The U.S. House Ways and Means Trade
Subcommittee unanimously approved a toned-down version of
legislation designed to toughen U.S. trade laws and wedge open
foreign markets to more U.S. goods.
    The measure now goes to the full House Ways and Means
Committee next week, but major changes are not expected,
congressional sources said.
    "This product could very well be toughening our trade policy
and doing it in a manner that opens markets without this
frightening word 'protectionism'," Ways and Means chairman Dan
Rostenkowski, an Illinois Democrat said.
    The trade subcommittee backed away from mandating specific
retaliation against foreign countries for unfair foreign trade
practices as the House had approved in a trade bill last year.
    But it held over for the full Ways and Means Committee
debate on a controversial plan by Rep. Richard Gephardt to
mandate a reduction in trade surpluses with the U.S. by
countries such as Japan, South Korea and Taiwan.
    Gephardt, a Missouri Democrat, has not decided the exact
form of his amendment, an aide said. Last year the House
approved his idea to force an annual 10 pct trade surplus cut
by those countries.
 Reuter
