LEGL4900 Exam 2 terms

अब Quizwiz के साथ अपने होमवर्क और परीक्षाओं को एस करें!

Congressional-executive agreements

International agreements between the president, representing the United States, and a foreign country, negotiated and concluded by the president and voted into law by a simple majority vote of both the Senate and the House of Representatives

Equal dignity rule

Rule stating that statutes and treaties are both of equal importance in state and federal governments

Factors of production

Land, labor, and capital; the three groups of resources that are used to make all goods and services

Anti-circumvention

Laws and penalties intended to discourage circumvention

provisional safeguards

Safeguards put into place under critical circumstances that could cause irreparable harm to a domestic industry

Trade-Related Aspects of Intellectual Property Rights (TRIPS)

Sets new, comprehensive standards for the production of IPRs in all member countries of the WTO

Anti-dumping duty (AD)

Special import tariffs assessed in addition to normal tariffs imposed for the purpose of offsetting the unfairly low price of dumped goods

Trade Promotion Authority

Special procedures meant to speed up the regular process when Congress considers trade agreements. These special procedures limit debate and prohibit amendments.

performance standards

Standards that describe how products should function (typical in the US)

Prohibited subsidies

Subsidies that are impermissible and banned under all conditions

Treaty power

The authority of the United States to enter treaties pursuant to Article II of the Constitution

Dumping margin

The difference between the normal value and the export price

Transparency

The extent to which government regulations (including customs and import procedures, as well as technical regulations, product standards, and others) are made readily available to the public, including foreign firms

trade consultations

The first way that countries go about solving a dispute of nullification or impairment

Unilateralism (in trade relations)

The policy that a nation should retaliate unilaterally against another country that discriminates against its products or firms rather than relying on an established international or multilateral framework for resolving trade disputes

Market Disruption

The result of increased imports of foreign goods might include decreased sales volume, price suppression, lower profitability, lower wages, and other economic consequences to domestic firms

Dumping

The selling of products in a foreign country for less than the price changed for like or comparable products in the exporter's or producer's home market; it is an unfair trade practice

Japan industry standards mark

The symbol of an approved product in Japan

normal trade relations

Trade status granted as part of an international trade policy that gives a nation the same favorable trade concessions and tariffs that the best trading partners receive.

most-favored nation (MFN) trading status

Trading status agreeing to accord items imported from that country the lowest tariff rates that it gives to like products imported from other countries with this status

Free Trade Area

Two or more countries that are party to a free trade agreement that reduces or eliminates tariffs on goods, removes trade barriers, and usually addresses other common concerns affecting trade between them

Trade-Related Investment Measures (TRIMs)

WTO agreement on trade measures governments can impose on foreign firms

Least restrictive trade

WTO member countries, in setting otherwise valid restrictions on trade, shall make them no more onerous than necessary to achieve the goals for which they were imposed

(BOP) balance of payments

When a nation's outflow of foreign exchange exceeds receipts

procurement offsets

When a procuring agency awards a contract to a foreign firm on the basis for certain conditions (prohibited under AGP)

Reciprocal trade

When one country agrees to lower its tariffs on a certain product if the other country agrees to do the same

Prior approval

When regulated products must undergo testing and inspection by an approved laboratory, receive a certification or compliance with technical standards, and then receive prior regulatory approval before sale

prior certification

When regulated products need only undergo testing or inspection and certification; the testing lab's certification remains on file with the manufacturer or importer, and no regulatory approval is needed prior to import or domestic sale

Less than fair value

When the export price of a product sold in the United States is less than the normal value of a foreign like or similar product sold for consumption in the exporter's or producer's home country

Zero quota

a complete ban on the import of a product

Negative determination

a decision by the agency either to not initiate an investigation or that a material injury does not exist

commercial presence

a foreign company setting up subsidiaries or branches to provide services in another country

Customs union

a free trade area with a common external tariff

import substitution subsidy

a government subsidy whose payment is contingent on its recipient using or purchasing domestically made goods over imported goods

Trade Preference

a law that grants favorable trade and tariff treatment to products coming from developing countries, and is intended to aid in their economic development

Trade preference

a law that grants favorable trade and tariff treatment to products coming from developing countries, and is intended to aid in their economic development

Trade barrier

a means of preventing a foreign product or service from freely entering a nation's territory

Countervailing duty

a special tariff levied in addition to the normal tariff imposed on imports of subsidized goods for the purpose of offsetting the subsidy

Presidential memorandum

a statement less formal than an executive order that often states in its text that it does not create enforceable legal rights; it is often used to give guidance or delegate routine presidential functions to lower government officials

Upstream subsidy

a subsidy bestowed on raw materials or component parts ("inputs") for use in an exported product

Export subsidy

a subsidy made available to domestic firms upon the export of their products or made contingent on export performance (prohibited)

Ad Valorem Tariff

a tariff levied as a proportion of the value of an imported good

indirect non-tariff barriers

A barrier that may look neutral and nondiscriminatory at face value, but discriminates against foreign-made products or firms

Direct non-tariff barriers

A barrier that specifically limits imports of goods or services or denies access of foreign firms to local markets

conformity assessment

A certification given by a foreign inspection firm in the country where an article is manufactured

Codex Alimentarius

A collection of internationally recognized standards, codes of practice, guidelines, and other recommendations relating to foods, food production, and food safety. "Food code" for the protection of the world's food supply; if a country's national standards are in line with this code, then are are compliant with the SPS Agreement

surrogate market economy country

A country that is at a level of economic development comparable to that of the NME country and that is a significant producer of comparable merchandise

non-market economy country

A country whose political and economic systems are rooted in the socialist principles of a state-controlled economy

tariff schedule

A country's bound rates for product-by-product listings that are published by the WTO

Common market

A customs union that also removes restrictions on the free movement of money, labor, and factors of production

Adjustment to imports

A decision that can be made at the president's discretion if it will help the domestic industry make a positive adjustment to import competition and if it will provide greater economic and social benefits than costs

Subsidy

A financial contribution, including any form of income or price support, made by a government that confers a benefit on a specific domestic enterprise or industry

sanitary and phytosanitary measures

A government rule or regulation that protects or enhances food, animal, or plant safety or quality, including preventing the spread of pathogens and disease

Quota

A limit placed on the quantities of a product that can be imported

Priority watch list

A list created by the USTR that helps US IPR negotiations and helps US companies identify countries where their IPRs might be in jeopardy

Watch list

A list of risks that have low priority but are still identified as potential risks

Special Drawing Right (SDR)

A world currency created by the International Monetary Fund (IMF) to replace gold as a world standard. Valued by a "basket" of national currencies, the SDR has been called "paper gold."

Market access agreements

Agreements that provide exports of goods and services with market access to foreign countries

Unconditional MFN (most-favored-nation) trade

Any new tariff that applies to an item imported from one MFN trading partner automatically applies to the same or like items imported from all other nations that are in MFN status with the importing country, without any concession being required from those nations in return

Conditional MFN (most-favored-nation) trade

Any trading advantage (such as a reduced tariff rate) applied to an item imported into a country will also be applied to the same or like items coming from any other country that has MFN status with the importing country, provided that country reciprocates and lowers its tariff rates in an equivalent amount in return

Domestic Subsidies

Government payments to domestic businesses (farmers) to help reduce production costs and improve competitiveness. It distorts markets by causing overproduction and suppressing prices while protecting the incomes of farmers

modify or withdraw a concession

If a country wants to raise its bound rate on an item. It must negotiate directly with the countries most affected (countries which are the major suppliers or that item) and by agreement reduce or offset tariffs on other items equal to an equivalent amount in trade

water's edge election

In 1986 California instituted this election allowing "multinational" corporate taxpayers the option of excluding the income of related entities that are incorporated in a foreign country or that earn a majority of their income in a foreign country

Foreign like product

Merchandise produced in the same country and by the same person as the allegedly dumped merchandise, or of the same component materials, or of the same general class or kind of merchandise as that dumped in the United States

negotiating rounds

Negotiating sessions under GATT organizations

consumption abroad

consumers or firms making use of a service in another country

beneficiary developing country

developing countries eligible for preferential treatment under US GSP legislation

tariff concession

each country's promise to reduce tariffs on imports of a given item in return for tariff concessions from other countries

Safeguards against injury

emergency remedies provided by law, usually tariffs, used to protect a domestic industry from injury resulting from increased imports of a like or competing products

Global quota

imposed by an importing nation on a particular product regardless of its country of origin

Global tariff

imposed on a particular classification of goods without regard to the country of origin of the goods

presence of natural persons

individuals traveling from their own country to supply services in another

material injury

injury that is not inconsequential, immaterial, or unimportant

Technical Regulation

law or regulation affecting a product's characteristics-such as its performance, design, construction, chemical composition, materials, packaging, or labeling-that must be met before a product can be imported or sold in a country

Trade balancing requirements

laws that condition a company's right to import foreign goods on the basis of the volume of goods that company exports (prohibited under TRIMS)

Bound rate

maximum tariff rate a country may charge on an item, although tariff rates may be reduced below the bound rate

Allocated quota

one in which the total limit is "allocated" (spread out) among several specific countries

Escape clause

permits a country to temporarily escape or be relieved from its tariff concessions under certain conditions

Import relief

positive adjustment to import competition

Export price

price at which a product is sold to an unaffiliated or unrelated buyer in the importing country (US), exclusive of shipping and insurance charges

Auctioned quota

quota rights are sold to the highest bidder by a country

Local content requirements

regulations dictating that a foreign company or other producer must use a certain minimum percentage of locally made parts or components in the manufacture of a product (prohibited under TRIMS)

Global safeguards

safeguard measures placed on imports of specific products without discrimination as to their countries of origin

Actionable subsidies (also called adverse effects subsidies)

subsidies that are not automatically prohibited, but may still be actionable because of their harmful effect

technical barriers to trade

technical regulations and standards that apply to imported foreign products, even if they also apply equally to domestic products

trade compensation

the act of lowering import duties on certain products coming from a foreign country for the purpose of offsetting increased duties imposed on other products from that country

Normal value

the price at which a foreign like product is sold for consumption in the producing or exporting country in usual commercial quantities and in the ordinary course of business and at the same level of trade as the dumped product

Tariffication

the process by which a country agrees to "convert" its quotas, import licenses, and other non-tariff barriers on specific items to tariffs

Privatization

the process by which a government sells or transfers government-owned industries or other assets to the private sector

trade liberalization

the process of reducing tariffs and removing artificial barriers and restrictions to trade

Trade in services

the providing of services to a customer or the operation of service companies in a foreign country

government procurement

the purchase of goods and services by government agencies at all levels

multiple taxation

the same service or property is subjected to the same or a similar tax by the governmental authorities of more than one nation.

Sole executive international agreement

A presidential agreement negotiated and put into effect without congressional approval

Domestic like product

A product which is like or most similar in characteristics and uses with, the article subject to an investigation

Competitive need limitation

A quantity limit on the imports that beneficiary developing countries are allowed to send to the US

Absolute quota

A quota that strictly prohibits imports of items above a predetermined limit, based either on the value or quantity of specific goods, or as a percentage of the domestic market for that item

schedule of concessions

A record of a country's tariff bindings at the WTO

Presidential proclamation

A statement or declaration issued by the president usually addressed to the general public announcing a finding or commemorating event

Specific Subsidy

A subsidy given to a select company or limited number of companies, to a select industry or group of industries, or to firms in a select geographical region of a country

Flat (or specific) tariff

A tariff computed on the basis of physical units

Tariff-rate quota

A tariff rate that increases according to the quantity of goods imported

Tariff

A tax on imported goods by the country of importation

Multilateral trade agreement

A trade agreement to lower trade barriers between many countries.

Free Trade Agreement

A trade agreement with broader coverage that establishes a "free trade area" in which special tariff and customs provisions govern the flow of trade between the participating countries

Products standard

A voluntary guideline for product characteristic established by a recognized private or industry organization or association

market-oriented industry

An industry in which resources and labor costs are procured at fee-market prices, where there is little government involvement in controlling production and capacity decisions, where prices are set by markets, and where the producers are mostly privately owned

Executive order

An official, legally binding regulation or written directive issued by the president, usually addressed to government officials, departments, or agencies, and used to set policy and direct government operations

Import trade barrier

Any impediment, direct or indirect, to the entrance or sale of imported goods or services existing in the country of importation

CE Mark (Quality Symbol) Communauté Européenne

CE Marking is now mandatory for most products on sale in the EU awarded by the NSAI

Commerce Clause

Constitutional clause giving the federal government exclusive control over foreign commerce

Import-Export Clause

Constitutional clause prohibiting states from taxing both imports and exports

Supremacy Clause

Constitutional clause under which a state statute may be rendered invalid when there is an existing federal law

priority foreign country

Countries that continue to deny adequate protection to American IPRs

Agricultural export subsidies

Payments or other benefits given to farmers that directly encourage, or are conditional upon, the export of food or agricultural products

Inherent powers

Powers that are expressly granted to the president in Article II of the Constitution

emergency powers

Presidential powers that can be exercised during international emergencies, typically those that threaten American national security

Constructed value

Price of the dumped product compared to the cost of producing the product in the exporting country plus a reasonable amount for selling, packaging, administration, and other costs and for a reasonable profit

Nondiscrimination

Principle that goods produced by all member states should receive equal treatment, as embodied in the ideas of most favored nation (MFN) and national treatment.

China Compulsory Certification Mark

Products that meet the quality and safety requirements for certification may receive it; China will not accept imports of covered products without the mark

Federal Preemption

That idea that federal law generally prevails over state or local law

Tariff binding

agreed tariff rates that solidified and capped at that rate

trade agreement

agreement by a group of countries to promote trade among them

unitary business

an affiliated or related group of companies under common control

Tariff concession

an agreement to reduce a tariff to a specified level

market-oriented exporter

an exporting firm in an NME country that is not under government control and that does business on competitive terms

Circumvention

any attempt by an exporter or importer to unlawfully or deceptively evade import restrictions or duties, including AD/CVD duties

non-tariff barrier

any barrier to trade, other than a tariff, that has the effect of prohibiting or discouraging imports

Trade Adjustment Assistance

cash benefits or retraining programs for workers displaced by trade

Design Standards

characteristics that govern how a product should be designed (typically in Japan)

unfair trade practices

trading practices that derive a gain at the expense of competition

nullification or impairment

when one WTO member nation acts contrary to its commitments in a GATT/WTO agreement, such as raising a tariff above the bound rate or imposing an unjustified quota on imports. Other countries can file a complaint to the WTO claiming this happened to their rights


संबंधित स्टडी सेट्स

Final Seminar Class (Fall 2022).

View Set

Kappa Alpha Psi Quiz Review Questions Sessions 1 & 2 (2019)

View Set

Econ 3229 Part 3 - Ch 8,9,10,11, 12

View Set

Financial Accounting I, MULTIPLE

View Set

ASTRO 104 (Jason Boyles WKU) Final

View Set