WORLD TRADE: Important Milestone

Signed into law by the President last week: a three-year extension of the Reciprocal Trade Agreements Act, empowering him to cut tariffs 5% each year on goods from countries that reciprocate the concessions. "An important milestone in the development of our country's foreign economic policy," said trade-minded Dwight D. Eisenhower.

Requested of Congress by the President: approval for U.S. entry into the Organization for Trade Cooperation, which administers the 34-nation General Agreement on Tariffs and Trade (GATT controls 80% of the world's trade). Congress is far from sure about GATT (TIME, June 6), fearing that its trend toward...

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