The U.S. scored a major victory last week in its fight for free trade. After five months of tariff negotiations, U.S. Deputy Under Secretary of State Herbert V. Prochnow and delegates from 21 other nations put their names to a new General Agreement on Tariffs and Trade in Geneva. The new tariffs agreement covers more than three-fourths of all world trade; total concessions will reach $2.5 billion yearly in reduced tariffs.

Major U.S. concessions, which cover a long list of goods from books to buttons to safety matches, were made under discretionary powers given President Eisenhower under the Reciprocal Trade...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!