The General Agreement on Tariffs and Trade (GATT)was initiated in response to
A)in increase in exports of low-priced goods from developing countries to developed countries.
B)the replacement of manufacturing jobs with service jobs in developed countries.
C)economic dislocations caused by the North American Free Trade Agreement (NAFTA)in the 1990s.
D)high tariffs imposed during the Great Depression of the 1930s.

Question

Quizplus · Accepted Answer

The General Agreement on Tariffs and Trade (GATT) was initiated in 1947 by 23 countries in response to the high tariffs imposed during the Great Depression of the 1930s, which had led to a reduction in international trade and worsened the economic crisis. The purpose of GATT was to reduce tariffs and eliminate trade barriers in order to promote international trade and economic growth. GATT was replaced by the World Trade Organization (WTO) in 1995.

The General Agreement on Tariffs and Trade (GATT)was Initiated in Response