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Reciprocal Tariff Act: Difference between revisions
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President [[Franklin D. Roosevelt]] signed the Reciprocal Trade Agreements Act (RTAA) into law in 1934. It gave the president power to negotiate bilateral, [[Trade pact|reciprocal trade agreement]]s with other countries and enabled Roosevelt to liberalize [[Foreign trade of the United States|American trade policy]] around the globe. It is widely credited with ushering in the era of liberal [[trade policy]] that persisted throughout the 20th century.<ref name="Hiscox">{{cite journal|last=Hiscox|first=Michael J.|title=The Magic Bullet? The RTAA, Institutional Reform, and Trade Liberalization|journal=International Organization|date=Autumn 1999|volume=53|issue=4|pages=669–698|doi=10.1162/002081899551039|url=https://web.stanford.edu/class/polisci243b/readings/v0002090.pdf|citeseerx=10.1.1.464.2534|s2cid=155043044 }}</ref> | President [[Franklin D. Roosevelt]] signed the Reciprocal Trade Agreements Act (RTAA) into law in 1934. It gave the president power to negotiate bilateral, [[Trade pact|reciprocal trade agreement]]s with other countries and enabled Roosevelt to liberalize [[Foreign trade of the United States|American trade policy]] around the globe. It is widely credited with ushering in the era of liberal [[trade policy]] that persisted throughout the 20th century.<ref name="Hiscox">{{cite journal|last=Hiscox|first=Michael J.|title=The Magic Bullet? The RTAA, Institutional Reform, and Trade Liberalization|journal=International Organization|date=Autumn 1999|volume=53|issue=4|pages=669–698|doi=10.1162/002081899551039|url=https://web.stanford.edu/class/polisci243b/readings/v0002090.pdf|citeseerx=10.1.1.464.2534|s2cid=155043044 }}</ref> | ||
[[Tariffs]] in the United States were at historically high levels from the | [[Tariffs]] in the United States were at historically high levels from the American Civil War to the 1920s. In response to the [[Great Depression]], [[United States Congress|Congress]] accelerated its protectionist policies, culminating in the [[Smoot–Hawley Tariff Act|Smoot–Hawley Act of 1930]], a smorgasbord of high tariffs across many American industries. At the same time, European countries enacted protectionist policies. | ||
The RTAA marked a sharp departure from the era of [[protectionism]] in the United States. American duties on foreign products declined from an average of 46% in 1934 to 12% by 1962.<ref name="Bailey">{{cite journal|last=Bailey|first=Michael A.|author2=Goldstein, Weingast |title=The Institutional Roots of American Trade Policy|journal=World Politics|date=April 1997|volume=49|issue=3|pages=309–338|doi=10.1353/wp.1997.0007|s2cid=154711958 }}</ref> | The RTAA marked a sharp departure from the era of [[protectionism]] in the United States. American duties on foreign products declined from an average of 46% in 1934 to 12% by 1962.<ref name="Bailey">{{cite journal|last=Bailey|first=Michael A.|author2=Goldstein, Weingast |title=The Institutional Roots of American Trade Policy|journal=World Politics|date=April 1997|volume=49|issue=3|pages=309–338|doi=10.1353/wp.1997.0007|s2cid=154711958 }}</ref> | ||