PUBPOL 201 Quiz: Module 1 Readings _ Questions
Document Summary
Chapter 3, pgs 59-89: explain the meaning and significance of, mfn - most-favored-nation . It was a principle, which had been under us trade law in 1923, that stated tariff preferences granted to one country were automatically granted to imports into the united states from all other countries. There was an obligation under the principle of mfn to provide all trade partners with the same nondiscriminatory treatment as given to a specific partner under a bilateral trade agreement: gatt - general agreement on tariffs and trade . It was the set of trade rules and disciplines that became the vehicle for multilateral trade negotiations for the second half of the century. The first gatt negotiations led to us tariff reductions, which brought the average us rate on imports down. The general agreement was drafted to exempt existing agricultural programs maintained by the us and other parties. The four rounds of the gatt produced only small tariff reductions.
