Cobden-Chevalier Treaty

France replaced prohibitions on many British manufactures with duties capped at 30 percent, falling to 25 percent by 1864, while Britain cut duties on French wine and brandy and removed tariffs on most French manufactured goods. A most-favored-nation clause extended later concessions to the other party. The network of treaties it inspired unwound after France adopted the protectionist Meline tariff in 1892; it has no current effect.

The treaty created the first network of European trade agreements linked by most-favored-nation clauses, the model behind GATT and today's WTO tariff schedules. Within a decade, similar bilateral treaties spread lower tariffs across Europe and boosted trade in manufactured goods. For trade and fulfillment professionals, it is a useful precedent for how one bilateral deal can reset tariffs for many partners, which is still how MFN rates work when a country lowers a duty for one partner.

• The Wealth of Nations1776 · Adam Smith argues for division of labor and free trade
• Zollverein1834 · German states drop tariffs among themselves

• Repeal of the Corn Laws1846 · 1846 UK repeal of grain tariffs that began free trade
• General Agreement on Tariffs and Trade (GATT)1947 · Postwar treaty that set most-favored-nation tariff rules
• Reciprocal Trade Agreements Act of 19341934 · Law letting the President cut tariffs by agreement

1. Britannica: Cobden-Chevalier Treaty britannica.com