losses, economic decline… Impact on importing country: Less competition for domestic firms, rising sales, prices, employment, spending, government revenues… Increased costs to consumers, less spending on other industries, economic decline, costs of imposing + collecting tariffs, possible costs of retaliation and trade wars… 7. PROMOTING INTERNATIONAL TRADE GATT (1948) [General Agreement on Tariffs and Trade]– 100 countries agreed to reduce tariff levels. WTO (1995) – took over from GATT, to manage…
Words 835 - Pages 4