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Agricultural Trade and Development Act

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Agricultural Trade and Development Act

(10 July 1954)    To reduce the cost of US storage programs for surplus farm crops, this law gave the president authority for three years to exchange $1 billion in surplus food stocks for foreign currency, and use the money to promote US trade, buy strategic materials, or assist friendly nations. The law also allowed up to $300 million in surplus food to be donated as emergency famine relief overseas. It was renewed several times until replaced by the Food for Peace Act.