GATT maintained a provision that nations could enact temporary emergency tariffs or quotas if imports threatened the existence of domestic producers. The WTO has maintained that provision. Economists call this:
A) the tariff bill.
B) the escape clause.
C) justifiable means.
D) domestic job security provision.

Question

Quizplus · Accepted Answer

The provision that allows nations to enact temporary emergency tariffs or quotas if imports threaten the existence of domestic producers is commonly known as the escape clause. This provision has been maintained by both GATT and the WTO.

GATT Maintained a Provision That Nations Could Enact Temporary Emergency