The Act also contains a number of minor provisions designed to facilitate trade. For example, some metal products shipped abroad for repair or modification can now only be returned to the United States on the value of those repairs or modifications, for the payment of taxes. A uniform customs status is established for imports from the island. From there, the President was granted, during the rounds and negotiations on the free trade area at the GATT (later the WTO), the negotiating powers of non-tariff measures in the respective legislation, such as the Trade Act of 1974, but the power to reduce tariffs was generally similar to that of the RTAA. In August 1955, Congress passed a law providing for U.S. participation in the International Finance Corporation (IFC) 13, which is expected to be attached to the International Bank for Reconstruction and Development (IBRD). The IFC`s objective will be to stimulate the growth of productive private enterprises in its Member States, particularly in less developed regions, by investing in productive private enterprises in cooperation with private investors and without guarantees of government repayment, in the absence of sufficient private capital on reasonable terms. The IFC will serve as a clearing house to bring together investment opportunities, private capital and experienced management and, in general, stimulate productive investment in private capital. The IFC is intended to provide venture capital, but it is not empowered to invest in a capital stock or to take over a company in which it has invested. That`s not the case. (e) Act of June 21, 1955, No. 3 (d), added under. (e) Between 1934 and 1945, the United States signed 32 reciprocal trade agreements with 27 countries.

[4] In addition, the conclusion of the General Agreement on Tariffs and Trade was taken by the Authority under the RTAA. Democrats voted much more in favor of trade liberalization than Republicans, but were not consistent in their preferences. Mp Henry Rainey (D-IL) and members of Roosevelt`s government, Rexford Tugwell, Raymond Moley and Adolf Berle, were skeptical of tariff reductions during the Depression. However, the government decided to use a Democratic-controlled congress and presidency to impose the RTAA. In 1936 and 1940, the Republican Party ran on a platform to lift tariff reductions guaranteed under the RTAA. But when they reclaimed Congress in 1946, they did not act to remove tariffs. In the years since the adoption of the RTAA in 1934, the economies of Europe and East Asia had been decimated by the violence of World War II, which left a huge global production gap filled by American exporters. [2] During the war, the United States had the highest positive balance in its history. Republican preferences for tariffs began to shift as exporters in the home districts began to benefit from stronger international trade. In the 1950s, there was no statistically significant difference between Republicans and Democrats on customs policy, a change that has lasted ever since.

[3] For the provisions relating to the management of the trade agreement program, see ex. No. 11846, March 27, 1975, 40 F.R. 14291, in the form of a reference to Section 2111 of this title.

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