Tariff Horse-Trading: On the Way Out?

The article discusses a new tariff system being developed between the U.S. and several nations as of May 1954. It states that since 1947, the U.S. has been working out trade agreements with nations that signed the General Agreement on Tariffs and Trade (GATT) in Geneva, Switzerland. What GATT nations agree to is the division of imports into categories, with tariffs being modified as needed. The new proposal aims to modify the GATT to grant the U.S. president greater control over tariff rates, increase trade and reduce protection of U.S. industries.