What was the impetus for the Omnibus Trade and Competitiveness Act?
A) Markets in the U.S. were open to most of the world but markets in Europe and many Asian countries were relatively closed.
B) The U.S. market was relatively closed to the rest of the world.
C) Markets in the U.S. were being driven by foreign demand.
D) The trade volume in the U.S. was declining.
E) Markets in the U.S. were trading with partners based on how they hoped they would respond rather than how they actually operated.

Question

Quizplus · Accepted Answer

The Omnibus Trade and Competitiveness Act was motivated by the recognition that while the U.S. market was broadly open to international trade, markets in Europe and many Asian countries were comparatively closed to U.S. goods and services. This imbalance was seen as a disadvantage to U.S. businesses and workers, prompting legislative action to address trade barriers and promote American competitiveness.

What Was the Impetus for the Omnibus Trade and Competitiveness