Her Most Faithful Majesty, the Queen of Portugal and Algarva, and the United States of North America, anxious to fix in an equitable and permanent manner the regulation, which ought to be observed with regard to the commerce they wish to establish between their respective countries, conceive that they cannot more effectually attain this end than by observing as the basis of their arrangement the most perfect equality and reciprocity, allowing each party the liberty of making such interior regulations respecting their commerce and navigation as may best suit them, resting the advantages of commerce on its reciprocal utility and the laws of a just concurrence. In consequence of these principles, and of a mature deliberation, Her Most Faithful Majesty and the United States have agreed on the following articles. ARTICLE I. There shall be a firm, inviolable, and universal peace, and a sincere amity between Her Most Faithful Majesty, the Queen of Portugal, her heirs and successors, and the United States of North America, as well with respect to the citizens and subjects of the said two parties as their people, islands, cities, and places situated within their respective jurisdictions, and between their people and inhabitants of all classes, without exception of persons and places, similar to what has been already established with the most favorite powers. ARTICLE II. The subjects of Her Most Faithful Majesty may freely frequent and reside in the United States, and traffic in all kinds of effects and merchandises, whose importation or exportation is not or shall not be prohibited, and they shall not pay in the ports, harbors, roads, countries, islands, cities, and places within the United States, other or greater duties or imposts of any kind whatever, than such as the most favored nations are, or shall be, obliged to pay. And they shall enjoy all the rights, liberties, privileges, immunities, and exemptions with respect to trade, navigation, and commerce, whether in going from one port of the said States to another, or in going there, or returning from any part or to any part of the world whatever, which the said nations do or shall enjoy. ARTICLE III.