Trade Through the Years
May 27-28, 1914
The National Foreign Trade Council (NFTC) was founded at the first National Foreign Trade Convention in Washington, DC.
Smoot-Hawley Tariff Act
Signed by President Hoover, the Act increased tariffs on foreign imports in an effort to protect domestic industry. Retaliatory tariffs followed and world trade decreased dramatically following its implementation.
GATT Enters Into Effect
As a precursor to the WTO, the General Agreement on Tariffs and Trade (GATT) was one of several post-war multilateral institutions created to aid in the global trade recovery after WWII.
Trade Act of 1962
Through the Trade Act of 1962, Congress granted the President the authority to cut or impose new tariffs – including under Sections 232 and 301.
Trade Act of 1974
The Trade Act of 1974 created fast-track authority for trade negotiations.
U.S. – Israel Free Trade Agreement Enters into Force
The U.S.-Israel FTA is the United States’ first trade agreement. Israel is currently our 24th largest goods trading partner with $34.5 billion in total trade.
The North American Free Trade Agreement (NAFTA) created a free trade zone between the U.S., Canada and Mexico – removing most tariffs between the U.S. and two of its top trading partners.
The WTO, the world’s largest international economic organization, succeeds the GATT. The WTO currently has 164 members representing close to 100% of world trade, and covers trade in goods and services as well as rules on Intellectual Property and other disciplines.
USMCA Enters Into Force
The U.S. – Mexico – Canada Agreement (USMCA) replaced NAFTA following a two-year negotiation. The new agreement added provisions related to digital trade, anticorruption, regulatory practices and SMEs.