This political equilibrium was disrupted by the Great Depression, which shifted political power to the low-tariff Democrats in the election of 1932. In the third era, from 1934 to the present, reciprocity became the principle objective of trade policy, with the goal of opening up foreign markets for US exports. Reciprocity involves the negotiation of agreements with other countries to reduce trade barriers; that is, the United States agrees to reduce its tariff on foreign goods in exchange for foreign tariff reductions on US goods.
