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Alehandrax Alehandrax
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6 years ago
What is GATT and what happened to tariff rates as a result of GATT?
Textbook 
Economics Today: The Micro View

Economics Today: The Micro View


Edition: 19th
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#1
6 years ago
 GATT is the General Agreement on Tariffs and Trade. It is an international agreement established after World War II to encourage world trade by reducing barriers and tariffs. U.S. tariff rates have fallen from over 30 percent on average to around 5 percent, although this may overstate the reduction of trade barriers since voluntary export restraints have been used in recent years.
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