KEY U.S. HOUSE PANEL FINISHES MAJOR TRADE BILL The House Ways and Means Committee completed action on legislation to toughen U.S. trade laws, chairman Dan Rostenkowski said. The committee's consideration of one of the most controversial provisions, a plan to force major trade surplus countries to cut their trade imbalance with the United States, was deferred until the full House considers the trade bill, its sponsor Rep. Richard Gephardt said. Gephardt, a Missouri Democrat, told Reuters he was not certain the exact form his trade surplus reduction proposal would take. Last year the House approved his plan to force a 10 pct surplus cutback each year for four years, by countries such as Japan. The Ways and Means Committess' trade bill forces President Reagan to retaliate against unfair trade practices that violate international trade agreements but it allows him to wave retaliatory tariffs or quotas if the action would hurt the U.S. economy. The trade bill gives U.S. Trade Representative Clayton Yeutter more authority in trade negotiations and in decisions to grant domestic industries import relief. It also gives him authority to decide whether foreign trade practices are unfair and violate U.S. trading rights. These powers are currently held by President Reagan. The administration has strongly objected to this transfer of authority from Reagan to Yeutter. The bill also extends U.S. authority to negotiate multilateral trade agreements. The bill will be wrapped into other trade legislation and voted on in the House in April.