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Trade Agreements Act Of 1934
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Legislation that amended the Tariff Act of 1930 (Smoot-Hawley Tariff Act), providing authority for the United States to negotiate agreements with other countries for reciprocally beneficial tariff reductions. The resulting agreements were then applied to other countries through most-favored-nation clauses. The original 1934 legislation, as extended by several further acts of the U.S. Congress, provided authority for U.S. participation in the first five "Rounds" of GATT trade negotiations, from 1947 through the Dillon Round. It was superseded by the Trade Expansion Act of 1962.
See also:
Bilateral Trade Agreement,
Dillon Round,
Negotiations,
Peril Point,
Reciprocity,
Round,
Tariff Act of 1930,
Trade Agreement,
Trade Expansion Act of 1962,
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