After World War II, President Harry Truman used the RTAA as the authority to negotiate the first multilateral trade cycle after World War II, the Geneva Round, concluded in 1947 between the United States and twenty-two other countries, which reduced tariffs on a large number of products.  The results of the Geneva Round were then codified in the renegotiated General Agreement on Tariffs and Trade (GATT) , which President Truman implemented by implementing regulation, under the supervision of the RTAA.  This would indicate that the mercantilists were right, that a nation would be well advised to restrict imports. However, almost all economists today would oppose this conclusion and, in fact, many economists believe that removing its trade barriers benefits a country, whether or not the country`s trading partners remove their barriers. Adam Smith and many economists after him assert that the goal of production is to produce goods for consumption. However, if major importing countries set optimal tariffs on all or many of their imported goods, this will have the international effect of reducing the national welfare of their trading partners. . . .