Abstract
This chapter describes trade policies in the United States. The emergency document or contract that gave legal effect to the agreed reductions or tariffs was the General Agreement on Tariffs and Trade. It included three functional parts. The first part committed each participating country to allow other participant's access to its market at least as favorable as the schedule of tariff rates it annexed to the agreement. It is found that when an agreement involved reductions of tariffs, the negotiated reductions over previous rates were reflected in this schedule. The most-favored-nation treatment would be provided within the group. The second functional part of the agreement defined the circumstances under which a country might go back on the access it had guaranteed to its trading partners in the first part such as restrictions to safeguard the balance of payments, antidumping, and countervailing duties.
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