Question

what was the reciprocal trade agreements act? Why did it replace smoot hawley? Did that decision free trade or protective policy

Answer 1

Step-by-step explanation:

The Reciprocal Trade Agreements Act was a U.S. law passed in 1934 that gave the President the authority to negotiate bilateral trade agreements with other countries. This law replaced the Smoot-Hawley Tariff Act of 1930, which had significantly increased tariffs on imported goods, leading to retaliation from other countries and a decline in international trade.

The decision to replace Smoot-Hawley with the Reciprocal Trade Agreements Act was motivated by a desire to reduce tariffs and increase international trade. The new law allowed the President to negotiate lower tariffs with other countries in exchange for reciprocal reductions in tariffs on U.S. exports.

Overall, the Reciprocal Trade Agreements Act represented a shift towards trade liberalization and freer trade policies, as opposed to the more protectionist policies of the Smoot-Hawley era.

Answer 2

The Reciprocal Trade Agreements Act (RTAA) was a United States law passed in 1934 that aimed to lower trade barriers by granting the President the power to negotiate bilateral trade agreements with other countries. This law replaced the Smoot-Hawley Tariff Act, which had increased protectionist measures and led to a decrease in international trade.

The Smoot-Hawley Tariff Act, passed in 1930, raised tariffs on imported goods in an attempt to protect American industries from foreign competition. However, this led to retaliatory tariffs from other countries, which further reduced American exports and worsened the Great Depression.

In contrast, the RTAA allowed the President to negotiate reductions in tariffs with other countries, based on the principle of reciprocity, meaning that the US would reduce its tariffs in exchange for other countries doing the same. This helped to increase international trade and stimulate the economy during the Great Depression.

Overall, the RTAA represented a shift towards freer trade and away from protectionism. While it did involve negotiations to reduce tariffs, the ultimate goal was to promote greater trade liberalization and free trade agreements with other countries.