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Reciprocal Tariff Act
From Wikipedia, the free encyclopedia
The Reciprocal Tariff Act (enacted 1934-06-12, 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 the Act for a fixed period of time to negotiate on bilateral basis with other countries and then implement reductions in tariffs (up to 50% of existing tariffs) in exchange for compensating tariff reductions by the partner trading country. Roosevelt was also instructed to maximize market access abroad without jeopardizing domestic industry, and reduce tariffs only as necessary to promote exports in accord with the "needs of various branches of American production." A most favored nation clause was also included.
The Act was a response to the Hawley-Smoot tariff bill, which showed that Congress was unable to create a coherent, non-biased trade policy. It was used to negotiate tariff-reduction agreements with Canada, Argentina, Uruguay and Great Britain, among others. Many of its provisions were prototypes of the principal-supplier rules which formed a major part of the GATT after 1945.
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