The purpose of this study is to understand the historical significance of the change of the U.S. foreign trade policy during the Great Depression Era. The driving forces behind the Reciprocal Trade Agreements Program were Cordell Hull, Secretary of State, Francis B. Sayre, Assistant Secretary of State, and others. The focus of attention is on their statements and speeches for adoption, execution and extension of that policy. This paper is composed of three parts. (1) Hull's understanding of the causes of the Great Depression and his aim of adoption of the reciprocal trade policy. (2) The attitude of Hull and Sayre toward execution of the policy under the Reciprocal Trade Agreements Act of 1934. (3) Their attitude toward renewal of the Act and extension of the policy. In this paper, the author emphasizes that, so long as the main purpose of the reciprocal trade policy was the domestic recovery through expansion of foreign markets for American products, it was very difficult to realize Hull's idea of keeping durable world peace through economic prosperity promoted by restoration of world trade.