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:
“Parenting is a profoundly reciprocal process: we, the shapers of our children’s lives, are also being shaped. As we struggle to be parents, we are forced to encounter ourselves; and if we are willing to look at what is happening between us and our children, we may learn how we came to be who we are.”
—Augustus Y. Napier (20th century)
“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)
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—Ralph Waldo Emerson (1803–1882)