Trade Expansion Act of 1962

e Act provided authority for U.S. participation in the Kennedy Round of
the 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This Act superseded the Trade Agreements Act of 1934, as amended.