Question

In: Economics

Why has the US approach to trade policy evolved in the way that it has over...

Why has the US approach to trade policy evolved in the way that it has over the years.

Solutions

Expert Solution

U.S. trade policy has evolved greatly in 75 years since the passage of the landmark. At the begining of this era , the United States and its trading partner had in place high import tarrifs. While unterantional trade and trade policy continues to be as controversial as ever, the United States has been committed for more than half a century to maintaining an open market. The United States imposed fairly substantial barriers to an imports in an effort to protect domestic producer from foreign competition. There was no multinational international agreements that existed had generally been negotiated on a bilateral basis. The negotiations when they occured to manaufactured goods and elimintaion of tarrifs.Tariffs have been lowered or eliminated in all products and average tariffs rates for the United States declined from18.4% in 1934 to 1.3% in 2007. An enormous amount of contructve work has been dione to establish trade liberlization as a common international goal and to construct the necessary regulations and institution sto support that goal.


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