Ch 8 Addition
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- Trade Adjustment Assistance
- Financial Aid to those people who suffer short-run or long-run losses from a country's policy shift toward freer international trade
- Long-Term Arrangement on Cotton Textiles (LTA)
- a voluntary export restraint arrangement limiting exports of cotton textiles and clothing from developing countries to the United States that went into effect in 1962
- Tokyo Round
- The GATT round of trade negotiations that took place during 1974-79 and lowered tariffs for most manufactured goods and some other products by about one third.
- Tariff Escalation
- The practice of Levying higher ad valorem tariffs for processed goods than for raw materials, and the higher the value added, the higher the tariffs.
- Smoot-Hawley Tariff Act
- The Sharp increase in U.S tariffs authorised by the US congress in 1930 and signed into law by President Hoover after a year of lobbying by special interests and political maneuvering by US politicians.
- International trade organization
- An institution proposed by the several countries at the close of WWII that was to serve as a permanent international organization to promote trade liberalization and set the rules fir international trade
- Multi-Fiber Arrangement (MFA)
- A voultary export restraint arrangement limiting exports of nearly all textiles and clothing from developing economies to the united states that went into effect in 1973
- Kennedy Round
- The GATT trade round held in Geneva during 1964067, which revived post WWII tariff reductions by lowering tariffs, on average, by about a third
- Uruguay Round
- The Ambitious GATT round of negotiations that took place during 1987-94, which attempted to negotiate trade restrictions that heretofore been ignored, such as those on agricultural trade, clothing trade, services trade, and intellectual property rights.
- Corn Laws
- mandated high protective tariffs on grain imports and this kept grain prices and the returns to their land high.
- Reciprocal Trade Agreements Act (RTAA)
- the 1934 U.S law passed by congress giving the U.S president fast-track authority to negotiate tariff reductions with other countries , marking the first time that the congress of the US gave the executive branch of the government the authority to negotiate tariffs without direct congressional involvment.
- Specie-Flow Mechanism
- When a country exports more than it imports, it accumulates gold and silver, which increase the money supply and raises prices, causeing exports to decline, imports to rise, and the trade surplus to shrink. A trade defcit similarly disappears because gold outflows reduce the money supply and lower prices, thus increasing exports and reducing imports.