To promote freer trade during the Great Depression, President Franklin Delano Roosevelt received authorization in 1934 to negotiate reciprocal trade agreements, reducing tariff rates on a far-reaching basis through the use of the most-favored-nation clause. After World War II, the United States played a leading role in the formation (1948) of the General Agreement on Tariffs and Trade (GATT) and in negotiating the several rounds of multilateral tariff reductions, most recently (1986) the Uruguay round, which led to the formation of the World Trade Organization. Other important steps in the movement toward freer trade and away from protection include the formation of the European Economic Community (or Common Market; now part of European Union) in 1957 and the European Free Trade Association in 1959. In 1992, the United States, Canada, and Mexico negotiated the North American Free Trade Agreement (NAFTA), which created the world's largest trading zone.
Although the United States is no longer a high-tariff nation, it still has a number of restrictive import quotas that provide a definite limit on the quantity of a given commodity that can be imported from another nation. Japan, one of the world's major industrial nations, also has many import quotas. Such quotas, in addition to being more certain methods of protection than tariffs, can also be used to favor certain nations over others.
See W. M. Corden, Protection, Growth and Trade (1985); J. N. Bhagwati, Protectionism (1988).
There were 241 households out of which 23.7% had children under the age of 18 living with them, 51.9% were married couples living together, 7.1% had a female householder with no husband present, and 36.9% were non-families. 35.3% of all households were made up of individuals and 21.6% had someone living alone who was 65 years of age or older. The average household size was 2.15 and the average family size was 2.67.
In the city the population was spread out with 20.1% under the age of 18, 4.3% from 18 to 24, 19.5% from 25 to 44, 26.2% from 45 to 64, and 29.9% who were 65 years of age or older. The median age was 50 years. For every 100 females there were 103.6 males. For every 100 females age 18 and over, there were 85.1 males.
The median income for a household in the city was $26,917, and the median income for a family was $36,705. Males had a median income of $26,071 versus $15,682 for females. The per capita income for the city was $16,973. About 8.2% of families and 13.5% of the population were below the poverty line, including 13.6% of those under age 18 and 7.0% of those age 65 or over.