1962 Trade Act

The Trade Expansion Act of 1962 is an American trade law signed by then President of the United States John F. Kennedy, believing it as the most important piece of legislation that can affect economies since the passage of the Marshall Plan. The Trade Act of 1962 authorizes the President of the US to adjust the imports of goods or materials from foreign countries if it deems the quantity or circumstances surrounding those imports to threaten national security. The Act paved the way for the Kennedy Round of General Agreement of Tariffs and Trade (GATT) negotiations.