Reciprocal Tariff Act
The Reciprocal Trade Agreements Act (enacted June 12, 1934, ch. 474, 48 Stat. 943, 19 U.S.C. ยง 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:
“Of course we will continue to work for cheaper electricity in the homes and on the farms of America; for better and cheaper transportation; for low interest rates; for sounder home financing; for better banking; for the regulation of security issues; for reciprocal trade among nations and for the wiping out of slums. And my friends, for all of these we have only begun to fight.”
—Franklin D. Roosevelt (1882–1945)
“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)
“To speak or do anything that shall concern mankind, one must speak and act as if well, or from that grain of health which he has left.”
—Henry David Thoreau (1817–1862)