The Webb-Pomerene Act occupies a very special position in the field of the application of the Sherman Law to foreign trade activities.' This act is the only specific congressional enactment which directly refers to the antitrust policy in the field of export trade, and it provides an explicit exemption from this policy for certain activities of the exporters. This author proposes to present (1) a short review of the background and enforcement of the Webb Act; (2) a review of the judicial interpretation of that act; and (3) several observations about the present status and some suggestions about the future policy pertaining to the Webb Act.