P.M. BRIEFING : U.S. Gives Hungary Trade Status
President Bush today extended most-favored-nation trade privileges to Hungary and made it the first country to be freed from a 1974 law denying U.S. trade credits to most Communist nations.
Three days after Hungary declared itself a democracy, the President signed a series of proclamations in a Rose Garden ceremony exempting Hungary from the so-called Jackson-Vanik amendment.
The action gives Hungary full access to U.S. markets and the lowest possible tariff rates, putting it on an equal basis with major U.S. trading partners.
“Hungary fulfilled its part of the bargain. And I’m here to fulfill our part of the bargain,” Bush said.
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