Reciprocal Tariff Act

Reciprocal Tariff Act
Long title	AN ACT To amend the Tariff Act of 1930.
Enacted by	the 73rd United States Congress
Citations
Public law	Pub. L.Tooltip Public Law (United States) 73–316
Statutes at Large	48 Stat. 943
Legislative history
	Introduced in the House as H.R. 8687; Signed into law by President Franklin D. Roosevelt on June 12, 1934;

The Reciprocal Tariff Act (enacted June 12, 1934, ch. 474, 48 Stat. 943, 19 U.S.C. § 1351) provided for the negotiation of tariff agreements between the United States and separate nations, particularly Latin American countries.^[1] The Act served as an institutional reform intended to authorize the president to negotiate with foreign nations to reduce tariffs in return for reciprocal reductions in tariffs in the United States up to 50%. It resulted in a reduction of duties. This was the policy of the low tariff Democrats in response to the high tariff Republican program which produced the Smoot–Hawley tariff of 1930 that raised rates, and sharply reduced international trade. The Reciprocal Tariff Act was promoted heavily by Secretary of State Cordell Hull.

^ "The Institutional Roots of American Trade Policy: Politics, Coalitions, and International Trade." Michael Bailey, Judith Goldstein, and Barry Weingast. World Politics, Volume 49, No. 3, 1997."

[1] "The Institutional Roots of American Trade Policy: Politics, Coalitions, and International Trade." Michael Bailey, Judith Goldstein, and Barry Weingast. World Politics, Volume 49, No. 3, 1997."

[1]