Term
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Definition
| consists of measures such as tariffs or quotas, that affect a country's international transactions |
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Term
| The U.S. Reciprocal Trade Agreements Legislation |
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Definition
| Enabled successive administrations to negotiate with other countries trade liberalization on a reciprocal basis. |
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Term
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Definition
| enables a country to withdraw a tariff concession if it caused injury to a domestic industry. But the country must offer (import) liberalization of some other products to offset this action. |
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Term
| Trade-Adjustment Assistance |
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Definition
| a government program that assists workers and businesses hurt by import competition to shift to new lines of production. |
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Term
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Definition
| Enables administration to negotiate the Kennedy Round of GATT, which resulted in 35% tariff reduction, implemented in 1967-1972. |
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Term
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Definition
| products assembled abroad out of parts exported from the U.S. and the reimported into the U.S., pay tariff only on the value added abroad. |
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Term
| The Trade and Competitiveness Act |
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Definition
| authorized the U.S. participation in the Uruguay Round of GATT, concluded in 1993, where 40% tariff cuts were staged during the subsequent 5-10 yrs. In far-reaching outcome included also liberalization of non-tariff barriers. |
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Term
| The Controversial 301 provision |
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Definition
| the U.S. legislation requires the administration to publish once a year a list of countries that trade unfairly with the U.S., and negotiate the removal of such practice. |
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Term
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Definition
| Congress voted on a negotiated trade agreement without introducing amendments. |
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Term
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Definition
| Despite the damage it inflicts, protectionism is common because the gains from protection are concentrated, and the benefits to each gainer are sizable and visible; while the losses are diffused and hidden. |
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Term
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Definition
| designed to move resources to industries which the government considers important. It is not practiced widely in the U.S. because the market is viewed as a better guide than the government to "the industries of the future" |
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Term
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Definition
| customs unions, free trade areas, and preferntial trading agreements are now common, and economists debat the merits of the regional movement. The main regional grouping are the E.U. customs union, NAFTA, and Asian Free trade area. |
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Term
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Definition
| the EU is a customs union of 27 Western European countries. Sixteen of its members established a common currency called the euro and a common central bank. |
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Term
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Definition
| the EU is a customs union of 27 Western European countries. Sixteen of its members established a common currency called the euro and a common central bank. |
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Term
| CAP (EU Common Agricultural Policy) |
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Definition
| consists of price support, import restrictions, and export subsidies. It is very costly and results in large farm surpluses. It also creates dislocation in the global agricultural economy. |
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Term
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Definition
| the EU offers preferential treatment as well as technical and financial assistance in mainly Africa |
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Term
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Definition
| free trade area between Canada, Mexico, and the U.S. |
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Term
| WTO (World Trade Organization) |
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Definition
| established in 1995, the WTO succeeded GATT as a formal organization. It administers a code of conduct in international trade, helps settle trade disputes, and provides a framework for trade negotiations among its 153 member countries. |
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Term
| The Most Forward Nation Principal (MFN) |
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Definition
| requires a country to treat all its trading partners alike. Customs unions and trade areas are exceptions to the MFN. |
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Term
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Definition
| requires a country to treat foreign firms operating within its borders in the same manner it treats its own firms. |
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