Trade Expansion Act
Encyclopedia
Under the Trade Expansion Act of 1962 , the United States Congress
granted the White House
unprecedented authority to negotiate tariff reductions of up to 50%. It paved the way for the Kennedy Round
of General Agreement on Tariffs and Trade ("GATT")
negotiations, concluding on June 30, 1967 — the last day before expiration of the Act.
United States Congress
The United States Congress is the bicameral legislature of the federal government of the United States, consisting of the Senate and the House of Representatives. The Congress meets in the United States Capitol in Washington, D.C....
granted the White House
White House
The White House is the official residence and principal workplace of the president of the United States. Located at 1600 Pennsylvania Avenue NW in Washington, D.C., the house was designed by Irish-born James Hoban, and built between 1792 and 1800 of white-painted Aquia sandstone in the Neoclassical...
unprecedented authority to negotiate tariff reductions of up to 50%. It paved the way for the Kennedy Round
Kennedy Round
The Kennedy round was the sixth session of General Agreement on Tariffs and Trade trade negotiations held in 1964-1967 in Geneva, Switzerland. Congressional passage of the US Trade Expansion Act in 1962 authorized the White House to conduct mutual tariff negotiations ultimately leading to the...
of General Agreement on Tariffs and Trade ("GATT")
General Agreement on Tariffs and Trade
The General Agreement on Tariffs and Trade was negotiated during the UN Conference on Trade and Employment and was the outcome of the failure of negotiating governments to create the International Trade Organization . GATT was signed in 1947 and lasted until 1993, when it was replaced by the World...
negotiations, concluding on June 30, 1967 — the last day before expiration of the Act.