Reciprocal Trade Agreements Act
E28478
The Reciprocal Trade Agreements Act was a 1934 U.S. law that empowered the president to negotiate bilateral tariff-reduction agreements, marking a major shift toward freer international trade and away from protectionism.
Aliases (1)
Statements (48)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal statute
→
trade law → |
| aimedTo |
counteract protectionist effects of the Smoot–Hawley Tariff Act
→
increase U.S. exports → promote economic recovery during the Great Depression → |
| associatedPresident |
Franklin D. Roosevelt
→
|
| associatedWith |
Cordell Hull’s belief that trade promotes peace
→
|
| authorized |
tariff reductions up to 50 percent of existing levels
→
|
| branchOfGovernmentAffected |
legislative branch
→
|
| branchOfGovernmentEmpowered |
executive branch
→
|
| codifiedIn |
United States Statutes at Large
→
|
| country |
United States
→
|
| dateEnacted |
1934-06-12
→
|
| economicPhilosophy |
liberal internationalism
→
|
| effect |
expansion of U.S. bilateral trade network
→
reduction of average U.S. tariff levels in the late 1930s → |
| empowered |
President of the United States
→
|
| era |
New Deal
→
|
| historicalContext |
Great Depression
→
interwar period → |
| influenced |
U.S. leadership in post–World War II trade liberalization
→
creation of the General Agreement on Tariffs and Trade → |
| introducedBy |
Cordell Hull
→
|
| legalBasisFor |
numerous U.S. bilateral trade agreements in the 1930s and 1940s
→
|
| legalForm |
Act of Congress
→
|
| legislativeBody |
United States Congress
→
|
| longTermImpact |
foundation for modern U.S. trade policy
→
precedent for later trade negotiating authority statutes → |
| mainPurpose |
to authorize the president to negotiate bilateral tariff-reduction agreements
→
to reduce tariffs and expand international trade → |
| mechanism |
bilateral trade agreements
→
reciprocal tariff concessions → |
| policyShift |
from protectionism toward trade liberalization
→
from unilateral tariff setting to reciprocal trade agreements → |
| presidentAtEnactment |
Franklin D. Roosevelt
→
|
| relatedTo |
General Agreement on Tariffs and Trade
→
Smoot–Hawley Tariff Act → Trade Expansion Act of 1962 → |
| renewal |
periodically renewed by Congress after 1934
→
|
| sectionType |
delegation of tariff-making authority
→
|
| shiftedTariffAuthorityFrom |
United States Congress
→
|
| shiftedTariffAuthorityTo |
President of the United States
→
|
| signedBy |
Franklin D. Roosevelt
→
|
| sponsoredBy |
Cordell Hull
→
|
| subjectMatter |
foreign economic policy
→
international trade → tariffs → |
| yearEnacted |
1934
→
|
Referenced by (2)
| Subject (surface form when different) | Predicate |
|---|---|
|
73rd United States Congress
→
|
enacted |
|
Cordell Hull
("reciprocal trade agreements program")
→
|
notableWork |