54 STAT.] VENEZUELA-RECIPROCAL TRADE--DEC. 12,1939 Proclamationby the President of the United States of America, issued December 1 1939 December 12, 1939, pursuant to article VII of the reciprocal trade E.A.S.N. 191] agreement between the United States of America and Venezuela signed November 6, 1939, respecting allocation of tariff quota on crude petro- leum andfuel oil. BY THE PRESIDENT OF THE UNITED STATES OF AMERIOA. A PROCLAMATION. WHEREAS it is provided in 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), which amending Act was extended by Joint Resolution of Congress, approved March 1, 1937 (50 Stat. 24), 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 liv- ing, in overcoming domestic unemployment and the present eco- nomic depression, in increasing the purchasing power of the American public, and in establishing and maintaining a better relationship among various branches of American agriculture, in- dustry, mining, and commerce) by regulating the admission of foreign goods into the United States in accordance with the char- acteristics and needs of various branches of American production so that foreign markets will be made available to those branches of American production which require and are capable of develop- ing 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 restric- tions 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 here- under. No proclamation shall be made increasing or decreasing by more than 50 per centum any existing rate of duty or trans- Preamble. 19U.S.0.§ 1351- 1354; Supp. V, 1352. Ante, p. 107. 2451
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