ECN 366 Lecture Notes - Lecture 3: Most Favoured Nation, Exchange Rate, Uruguay Round

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1 Nov 2017
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From the end of wwii to 1994, the general agreements on tariffs and trade (gatt) provided a framework of international trade rules under which trade rapidly grew. Countries responded to the great depression by: raising tariffs imposing import quotas and foreign exchange restrictions. This was a futile method of fighting recession. One country"s imports were other countries" exports. Led to a collapse of international trade. All this was initiated by the us. President herbert hoover initiated his proposal to protect us farmers through higher tariffs on agricultural imports. Led to spiraling up of tariffs on other goods through logrolling in the congress (smoot-hawley tariff: average tariff of 50%) Other countries responded through similar hikes in their tariffs. Led to tensions in international economic relations. After the great depression, emerged a new approach: the reciprocal trade. Enacted by the us congress at the request of president franklin roosevelt in.

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