1. General Agreement on Tariffs and Trade (GATT): The United States played a leading role in establishing the GATT, an international agreement aimed at reducing tariffs and promoting free trade among member countries. GATT was signed in 1947 and provided a framework for negotiating further tariff reductions and promoting international cooperation on trade matters.
2. Trade Expansion Act of 1962: This legislation authorized the US President to negotiate trade agreements with other countries and reduce tariffs by up to 50% without the need for congressional approval. It also established the Trade Expansion Act Advisory Committee to provide recommendations and advice on trade policies.
3. Kennedy Round: The Kennedy Round was a series of trade negotiations held under the auspices of GATT from 1963 to 1967. It resulted in significant tariff reductions and further liberalized trade among participating countries.
4. Tokyo Round: Another round of multilateral trade negotiations took place under GATT from 1973 to 1979, known as the Tokyo Round. These negotiations focused on further reducing tariffs and addressing non-tariff barriers, such as quotas and standards.
5. Uruguay Round: The Uruguay Round was the eighth and most comprehensive round of GATT negotiations, held from 1986 to 1994. It led to the establishment of the World Trade Organization (WTO) in 1995, which replaced GATT and further strengthened the multilateral trading system.
6. NAFTA (North American Free Trade Agreement): The US entered into a trade agreement with Canada and Mexico in 1992, creating NAFTA, which eliminated most tariffs and trade barriers among the three countries.
Overall, the US trade policy shifted towards greater openness and multilateral cooperation after World War 2, with the aim of promoting economic growth and stability both domestically and internationally.