国际经济学英文版第八章.pptVIP

Chapter 8 Commercial Policy: History and Practice Topics to be Covered History of U.S. Commercial Policy GATT and the WTO Tools of U.S. Commercial Policy: Antidumping Law Countervailing Duty Law Section 301 Escape Clause Other Measures History of U.S. Commercial Policy The U.S. Constitution grants Congress the right to regulate commerce with foreign nations, including the right to impose import (not export) tariffs. Refer to Figure 8.1 (cyclical movements in U.S. tariffs) The first tariff act was passed in 1789; the 5% import tariff was aimed at generating revenue for the federal government. The War of 1812 between the U.S. and England led to: (1) cutoff of trade with Europe; (2) higher tariffs to fund the war; (3) greater production by U.S. manufacturers. FIGURE 8.1 U.S. Tariffs, 1792–2005 History (cont.) Tariff of Abominations (1828) raised the average tariff rate to almost 60%. Compromise Tariff Act (1833) reduced tariffs to a uniform level of 20% by 1842; lasted only two months before tariffs were raised again Starting in 1861, Congress raised tariffs to finance the Civil War effort. Tariffs fell in 1913 and remained low during World War I. History (cont.) Fordney-McCumber Tariff of 1922 restored tariffs to pre-war levels. The last general tariff bill passed by Congress was the Smooth-Hawley Tariff (1930). It resulted in the highest tariffs since the Tariff of Abominations and reduced the volume of world trade by two-thirds. Congress Cedes Trade Authority to the President In the Reciprocal Trade Agreements Act (1934), Congress gave the president the authority to negotiate mutual tariff reductions with trading partners. Unconditional Most Favored Nation Status—the basic principle of nondiscrimination underlying U.S. tariff negotiations with other countries. General Agreement on Tariffs and Trade (GATT) After WWII, the GATT was one of several international organizations created to deal with problems facing the countries of the world. GATT’s objectives were: To