Attempts: S Keep the Highest: 5/10 1. Protectionism, GATT, and world trade In 19

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Attempts: S Keep the Highest: 5/10 1. Protectionism, GATT, and world trade In 1932, Us. manufacturers, which used to enjoy steady relationships with their foreign distributors and export nearly 30% of their output, realized that their exports fell to only 10% of total output, which of the following is the most likely reason for this decrease in exports? O The low quality of U.S. products O Retaliatory tariffs by trading partners O War between the United States and Australia The signing of the General Agreement on Tariffs and Trade (GATT) in 1947 resulted in the adoption of several new trade policies. In the following table, identify the policies that were a result of the GATT. Check all that apply. Then, using the selection boxes in the last column, identify the means by which each policy was implemented A GATT Policy? Policy Implementation of lower trade barriers Promotion of trade without discrimination resulted in In the 1970s, multilateral negotiations called and caused in U.S. exports.

Explanation / Answer

1 the Hawley-Smoot Tariff, raised the average tariff rate . But it failed to help American businesses, as foreign countries responded by raising their own tariffs. Option B GATT Promotion of lower trade barriers Correct 1947 Promotion of trade without discriminaion Correct 1955 Promotion of Disc… No Tokyo round of GATT called Multi-Fiber Arrangement resulted in..reduced tarrifs…. and caused increase in US exports

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