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TeachMeFinance.com - explain Omnibus Trade and Competitiveness Act of 1988 Omnibus Trade and Competitiveness Act of 1988 The term 'Omnibus Trade and Competitiveness Act of 1988 ' as it applies to the area of agriculture can be defined as ' P.L. 100-418 (August 23, 1988) provided the President with negotiating authority for the General Agreement on Tariffs and Trade (GATT) Uruguay Round, U.S.-Canada Free Trade Agreement, and the North American Free Trade Agreement, and specified U.S. negotiating objectives regarding agriculture. The law revised statutory procedures for dealing with unfair trade practices and import damage to U.S. industries. It gave USDA discretionary authority to trigger marketing loans for wheat, feed grains, and soybeans, if it is determined that unfair trade practices exist'. Previous 5 Terms: Ombudsman Omega Omega High omegoid Omnibus Consolidated and Emergency Appropriations Act, FY1999 Next 5 Terms: omniferous Omnivore On peak onager Oncogene About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005-2011 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Please read the disclaimer for details.