EC 340 Lecture Notes - Lecture 5: Morrill Tariff, Justin Smith Morrill, Most Favoured Nation

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Passed legislation that would permit the u. s. to engage in substantive negotiations to remove trade barriers: round 7: tokyo round, round 8: uruguay round. If a country grants another some special treatment, it must grant all other wto countries the same treatment: exceptions to mfn: Preferential trading arrangements: discriminate against non-members. Gsp - generalized system of preferences: countries are permitted to give developing countries special access to their markets. Imported goods should be treated the same as local produced goods once the foreign product has entered the market. Can"t impose more stringent safety standards on foreign made products than it imposes on similar goods produced locally: only applies once the good has entered the market. Can still levy an import tariff even if locally produced goods are not charged the equivalent tax. Implementation of an import tariff, designed to raise the revenue needed to run the government: first tariff.

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