ECO 3250 Chapter Notes - Chapter 6: Doha Development Round, Ad Valorem Tax, Uruguay Round
Document Summary
Smoot-hawley act: tried to divert national demand away from imports and toward domestically produced goods. General agreement on tariffs and trade: an agreement among contracting parties to decrease trade barriers and place all nations on an equal footing in trading relations, in 1995, gatt was transformed into the world trade organization (wto) Trade promotion authority (fast track authority: president must formally notify congress on his intent to enter trade negotiations with another country. Safeguards (escape clause: emergency protection from imports, trade remedy laws, to produce a fair-trading environment for all parties engaging in international trade. Countervailing duties: protection against foreign export subsidies, limited the amount of foreign export subsidy, purpose is to increase price of imported good to its fair market value. Section 301: protection against unfair trading practices, part of the trade act of 1974, gives u. s. trade representative (ustr) the authority to respond to unfair trading practices by foreign nations.
