The figure shows the average tariff rate on U.S. imports since 1930. Tariffs peaked during the 1930s when Congress passed the Smoot-Hawley Act. With other nations, the United States signed the General Agreement on Tariffs and Trade (GATT) in 1947. In a series of rounds of negotiations, GATT achieved widespread tariff cuts for the United States and many other nations. Today, the World Trade Organization (WTO) continues the work of GATT and seeks to promote unrestricted trade among all nations.