1930: Smoot-Hawley Tariffs — President Herbert Hoover, who pledged during the 1928 presidential election to help beleaguered U.S. farmers by raising tariffs on agricultural imports, signed into law the Tariff Act of 1930, more commonly known as the Smoot-Hawley tariff. The legislation authorized the president to raise or lower a certain tariff rate by as much as 50 percent and established the highest level of tariffs in U.S. history.
1948: GATT — After World War II, many countries, including the U.S., made a commitment to trade liberalization and lowering trade barriers to foster peace and economic growth around the world. In 1947, 23 nations signed a comprehensive trade accord, known as the General Agreement on Tariffs & Trade, which established global rules for trade and kicked off several rounds of tariff reductions among the countries.
1967: Kennedy Round — 62 countries agreed to make across-the-board tariff cuts rather than product-specific tariff reductions.
1979: Tokyo Round — 102 countries agreed to lower nontariff barriers and make further tariff cuts on manufactured goods.
1985: U.S. implements its first free trade agreement, with Israel. It was negotiated and signed by President Ronald Reagan.
1989: U.S.-Canada Free Trade Agreement implemented. It was negotiated and signed by President Ronald Reagan.
1994-1995: Uruguay Round of trade talks completed and 123 countries agreed to create the World Trade Organization and replace the GATT treaty. The round resulted in reducing tariffs on manufactured goods and extended rules to agricultural products. It also started a 10-year phaseout of all apparel and textile quotas and opened foreign investment and extended international law to the services sector. President Bill Clinton inherited the Uruguay Round from President George H.W. Bush, whose administration was responsible for negotiating it for the U.S. and signed it into law. It was implemented in 1995.
1994: North American Free Trade Agreement implemented. NAFTA opened trade between Mexico, Canada and the U.S. The trade pact was largely negotiated under the Bush administration but signed into law by Clinton.2001: U.S.-Jordan Free Trade Agreement implemented. President Clinton negotiated and signed the trade deal.
2004: The U.S.-Singapore and U.S.-Chile Free Trade Agreements. President George W. Bush negotiated and signed both trade pacts.
2005: U.S.-Australia Free Trade Agreement implemented under the Bush administration.
2006: The U.S.-Morocco and U.S.-Bahrain Free Trade Agreements implemented under the Bush administration. The Central American Free Trade Agreement was implemented with four of the six signatory countries. The Dominican Republic was the fifth country to enter to ratify the pact in 2007. Costa Rica has not yet ratified CAFTA. The U.S.-Oman Free Trade Agreement was approved by Congress, but has not been implemented.
2007: The U.S.-Peru Trade Promotion Agreement was approved by Congress, but has not been implemented.
Note: The U.S. has three trade preference programs that essentially give duty free preferences to developing countries but do not provide reciprocal access to U.S. exports. They are with the four Andean countries, the Caribbean nations and sub-Saharan African countries.
Sources: U.S. State Department, World Trade Organization, the Business Roundtable
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)