Kennedy Round

The Kennedy Round made deep, across-the-board tariff cuts normal, lowering the cost of importing manufactured goods for decades afterward. Named after President John F. Kennedy, whose Trade Expansion Act of 1962 gave U.S. negotiators the authority to bargain, it used a formula approach rather than item-by-item haggling and covered about $40 billion in trade. Its final agreement was signed on June 30, 1967. Importers still feel both results: the low base rates in the Harmonized Tariff Schedule for many manufactured goods, and the antidumping duties that can apply to specific products from specific countries.

• Harmonized Tariff ScheduleHTSUS product codes that set import duty rates
• Antidumping DutyADExtra duty on goods sold below fair value
• Landed CostTotal cost to get a product ready to sell

• Bretton Woods Conference1944 · 44 nations create the IMF and World Bank
• Marshall Plan1948–1952 · US aid of about $13 billion rebuilds Western Europe
• EEC Customs Union1968 · Six EEC states drop internal duties and share a tariff

• General Agreement on Tariffs and Trade (GATT)1947 · Postwar treaty that set most-favored-nation tariff rules
• Trade Expansion Act of 19621962 · Kennedy-era trade law that contains Section 232

1. Kennedy Round (Wikipedia) en.wikipedia.org
2. The Kennedy Round (University of Central Lancashire repository) clok.uclan.ac.uk