Under the Reciprocal Trade Agreements Act,the President has the power to lower an existing tariff on an imported product from Country A.On the basis of reciprocity,Country A need not lower the tariff on that same product imported from the U.S.but must lower tariffs on some product imported from the U.S.

Question

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This statement accurately describes the principle of reciprocal trade agreements as established by the Reciprocal Trade Agreements Act. The Act allows the President to negotiate agreements with other countries to lower tariffs and other trade barriers, with the expectation that those countries will reciprocate by lowering their own tariffs and barriers on U.S. products. However, the Act does not require exact reciprocity, meaning that the other country may not lower tariffs on the same product from the U.S. but must offer comparable benefits in other areas of trade.

Under the Reciprocal Trade Agreements Act,the President Has the Power