Trade Expansion Act of 1962
(U.S. law) The Act provided authority for U.S. participation in the Kennedy Round of the General Agreement on Tariffs and Trade (GATT). The legislation granted the president general authority to negotiate, on a reciprocal basis, reductions of up to 50 percent in U.S. tariffs. The Act explicitly eliminated the “Peril Point” provision that had limited U.S. negotiating positions in earlier GATT Rounds, and instead called on the Tariff Commission, the U.S. International Trade Commission, and other federal agencies to provide information regarding the probable economic effects of specific tariff concessions. This Act superseded the Trade Agreements Act of 1934, as amended. See General Agreement on Tariffs and Trade; peril point.