Reciprocal Tariff Act
The Reciprocal Trade Agreements 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. 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. It resulted in a reduction of duties.
Read more about Reciprocal Tariff Act: Reciprocal Trade Agreements Act of 1934
Famous quotes containing the words reciprocal, tariff and/or act:
“I had no place in any coterie, or in any reciprocal self-advertising. I stood alone. I stood outside. I wanted only to learn. I wanted only to write better.”
—Ellen Glasgow (1873–1945)
“After so many historical illustrations of the evil effects of abandoning the policy of protection for that of a revenue tariff, we are again confronted by the suggestion that the principle of protection shall be eliminated from our tariff legislation. Have we not had enough of such experiments?”
—Benjamin Harrison (1833–1901)
“The denial of our duty to act in this case is a denial of our right to act; and if we have no right to act, then may we well be termed “the white slaves of the North,” for like our brethren in bonds, we must seal our lips in silence and despair.”
—Angelina Grimké (1805–1879)