<P> The Reciprocal Tariff Act (enacted June 12, 1934, ch. 474, 48 Stat. 943, 19 U.S.C. § 1351) provided for the negotiation of tariff agreements between the United States and separate nations, particularly Latin American countries . The Act served as an institutional reform intended to authorize the president to negotiate with foreign nations to reduce tariffs in return for reciprocal reductions in tariffs in the United States . It resulted in a reduction of duties . </P> <P> President Franklin Delano Roosevelt signed the Reciprocal Trade Agreements Act (RTAA) into law in 1934 . RTAA gave the president power to negotiate bilateral, reciprocal trade agreements with other countries . This law enabled Roosevelt to liberalize American trade policy around the globe . It is widely credited with ushering in the era of liberal trade policy that persists to this day . </P> <P> Tariffs in the United States were at historically high levels from the post-Civil War period through the 1920s . In response to the Great Depression, Congress accelerated its protectionist policies, culminating in the Smoot--Hawley Act of 1930 . The Smoot - Hawley Act was a smorgasbord of high tariffs across many American industries . At the same time, countries in Europe enacted protectionist policies . Many economists believe that these policies worsened the Depression . The RTAA marked a sharp departure from the era of protectionism in the United States . American duties on foreign products declined from an average of 46% in 1934 to 12% by 1962 . </P>

What did the reciprocal trade agreements act of 1934 give the president the power to do