Important Milestone

Signed into law by the President last week: a three-year extension of the Reciprocal Trade Agreements Act, empowering him to cut tariffs 5% each year on goods from countries that reciprocate the concessions. "An important milestone in the development of our country's foreign economic policy," said trade-minded Dwight D. Eisenhower.

Requested of Congress by the President: approval for U.S. entry into the Organization for Trade Cooperation, which administers the 34-nation General Agreement on Tariffs and Trade (GATT controls 80% of the world's trade). Congress is far from sure about GATT (TIME, June 6), fearing that its trend toward lower tariffs will undercut U.S. industries in competition with foreign imports, e.g., Japanese textiles, Swiss watches. The House Ways and Means Committee is not likely to schedule hearings on the President's request before the expected midsummer adjournment.

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