international trade
Most of the people believe that America has the freest market in the world. But sometimes, government tries to limit the free flow of imports or to support export. This is because public misunderstanding of the gains from trade, or political consideration designed to protect domestic industries, often lead to government policies that create trade barriers and limited the free flow of products between the nations, thus increasing costs for society. To restrict the free flow of import and supporting exports, government set the protective tariffs, import quotas, nontariff barriers and provide export subsides. While, United States is setting up these trade barriers, other country will do as well as the same thing to protect themselves. Therefore, the five mains trade agreements was appear in United States economic history. They're The Smoot-Hawley Tariff Act of 1930, The Reciprocal Trade Agreement Act of 1934, General Agreement Tariff and Trade (GATT) of 1947, European Union (EU), and North American Free Trade Agreement (NAFTA). First of all, Hawley-Smoot Tariff Act passed by the United States Congress in June 1930. It caused the United States tariff to the highest level in the history of the United States; it raised the custo
Fourth, European Union (EU) was established on November 1, 1993, when the Treaty on European Union, or Maastricht Treaty, was ratified by the 12 members of the European Community (EC). They're Belgium, Denmark, France, Germany, Great Britain, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. Prior to November 1993, the European Union was called the European Community. The EC was composed of three originally separate organizations: the European coal and Steel Community (ECSC), created in 1951; and the European Economic Community and the European Atomic Energy Community, both set in 1957. The three institutions merged in 1967, creating the EC and establishing headquarters in Brussels, Belgium. Under the Treaty on European Union, European citizenship was granted to citizens of each member state. Customs and immigration agreements were enhanced to allow European citizens greater freedom to live, work, or study in any of the member states, and border controls were relaxed. A goal of establishing a common European currency was set of 1997. Third, General Agreement on Tariffs and Trade (GATT) a specialized agency of the United Nations. It was established in 1948 as an interim measure pending the creation of the International Trade Organization. However, plans for the latter were abandoned. Members of GATT are pledged to work together to reduce tariffs and other barriers to international trade and to eliminate discriminatory treatment in international commerce. The most important service of GATT has been to negotiate multilateral extensions of tariff reductions though the application of the most-favored-nation clause. GATT also provides for regular meetings to consider other problems of international trade. An important GATT principle is that protection of domestic industries is to be done strictly through tariffs and not measures such as import quotas. The only exception
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Approximate Word count = 1292
Approximate Pages = 5 (250 words per page double spaced)
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