Reciprocal Tariff Act
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The Reciprocal Trade Agreements Act (ch. 474, 48 Stat. 943, ) provided for the negotiation of tariff agreements with separate nations, particularly Latin American countries. It resulted in a reduction of duties.
President Franklin Delano Roosevelt was authorized by Congress for a fixed period of time to negotiate on bilateral basis with other countries and then implement reductions in tariffs (up to 50% in existing tariffs) in exchange for compensating tariff reductions by the partner trading country. It was a response to the Hawley-Smoot tariff bill, which showed that Congress was unable to create a coherent, non-biased trade policy.
| Tax Acts of the United States |
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