What is the fair trade act of 1904?

The Fair Trade Act of 1904 was a U.S. law aimed at promoting fair competition by allowing manufacturers to set minimum retail prices for their products. It sought to protect brand reputation and ensure that retailers did not undercut prices, which could lead to a dilution of brand value. However, the act faced legal challenges and was eventually deemed unconstitutional, leading to its repeal in 1911. The legislation highlighted early efforts to regulate pricing practices in the interest of fair trade.