The Role Of The United States In The Common Market

Abstract

On June 12, 1934 with the passage of the Reciprocal Trade Agreements Act, the United States of America undertook a new experiment in international relationships. Because of the great depression of the 1930s, world trade was in a state of chaos. Impelled by the need to restore our economy, President Roosevelt received authority to negotiate reciprocal tariff reductions with other nations of the world. Since this Act was passed, its authority has been extended eleven times and the program has served our country and the free trading world well. On June 30> 1962, the negotiating authority under the last extension of the Reciprocal Trade Agreements Act expired. In order to meet with challenges of a rapidly changing world economy due to the growth of the European Common Market, the Reciprocal Trade Agreements Act was replaced by the Trade Expansion Act of 1962. It is the purpose of this thesis to show the growth and development of the European Economic Community, its effect on the trade policy of the United States, and the measures taken by the United States to compete with the expanding Community.