The act which was passed to mitigate the Smoot-Hawley Tariff and which is still the cornerstone of American trade policy is:

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The Reciprocal Trade Agreements Act was passed in 1934 as a response to the negative effects of the Smoot-Hawley Tariff. It allowed the president to negotiate tariff reductions on a reciprocal basis with other countries, marking a shift towards more liberal trade policies and laying the groundwork for future trade agreements and policies.

The Act Which Was Passed to Mitigate the Smoot-Hawley Tariff