PERU-RECIPROCAL TRADE--MAY 7 , 1942 Agreement and supplemental exchanges of notes between the United May 7,1942 States of America and Peru respecting reciprocal trade. Signed at [E.'.. 25 61 Washington May 7, 1942; proclaimed by the Presidentof the Republic of Peru June 29, 1942; proclaimed by the President of the United States June 29, 1942; effective July 29, 1942. BY THE PRESIDENT OF THE UNITED STATES OF AMERICA A PROCLAMATION WHEREAS section 350(a) of the Tariff Act of 1930 of the Congress of the United States of America, as amended by the Act of June 12, 1934, entitled "AN ACT To amend the Tariff Act of 1930" (48 Stat. 943; U.S.C ., 1940 ed., title 19, sec. 1351(a)), provides as follows: "Sec. 350. (a) For the purpose of expanding foreign markets for the products of the United States (as a means of assisting in the present emergency in restoring the American standard of living, in overcoming domestic unemployment and the present economic depression, in increasing the purchasing power of the American public, and in establishing and maintaining a better relationship among various branches of American agriculture, industry, mining, and commerce) by regulating the admission of foreign goods into the United States in accordance with the characteristics and needs of various branches of American produc- tion so that foreign markets will be made available to those branches of American production which require and are capable of developing such outlets by affording corresponding market opportunities for foreign products in the United States, the President, whenever he finds as a fact that any existing duties or other import restrictions of the United States or any foreign country are unduly burdening and restricting the foreign trade of the United States and that the purpose above declared will be promoted by the means hereinafter specified, is authorized from time to time- "(1) To enter into foreign trade agreements with foreign governments or instrumentalities thereof; and "(2) To proclaim such modifications of existing duties and other import restrictions, or such additional import restrictions, or such continuance, and for such minimum periods, of existing customs or excise treatment of any article covered by foreign trade agreements, as are required or appropriate to carry out any foreign trade agreement that the President has entered into hereunder. No proclamation shall be made increasing or de- creasing by more than 50 per centum any existing rate of duty or transferring any article between the dutiable and free lists. The 56 STAT.] 1509
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