BLW 547 Exam 3
Dole v. Carter Case
U.S. Senator sues the President to prevent him from returning a Hungarian regalia to Hungary. The issue was if this agreement to return is a treaty requiring the Senate to consent. The rule looked at is that Executive agreements do not need ratification by the Senate. They concluded the agreement was not a treaty and could be entered upon under the presidents inherent power. Dole lost the case.
Trade-related Investment measure
a nat'l rule or regulation on foreign investment that has a direct or indirect effect on trade in goods.
The African Growth and Opportunity Act
aids in the economic growth and the establishment of political freedom in 48 poor countries in sub-Saharan Africa where per capita annual income averages about $500 per year
water's edge election
allows multinational corporate tax payers the option of excluding the income of related entities that are incorporated in a foreign country. Only tax the portion in the state
consultations and dispute resolution
an agreement to resort to the WTO consultation and dispute settlement process and to not engage in unilateral retaliation against countries that violate WTO rules.
The Year In Trade: Operation of the Trade Agreements Program
an annual survey of Us trade stats, trade laws and regulations, trade agreements, and recent developments between the US and its major trading partners.
The Agreement Establishing World Trade Organization 1994
an intergovernmental organization that regulates international trade
Trade agreement
an international agreement between nations on matters related to trade and tariffs.
non-fungible
chairs, machinery, or specialized steel. usually subject to ad valorem tariffs
US Customers and Border Protection
charged with regulating and facilitating international trade, collecting import duties, and enforcing U.S. regulations, including trade, customs, and immigration
modify or withdraw a concession
in order to do this, the country must negotiate directly with the countries most affected and by agreement reduce or offset tariffs on other items equal to an equivalent amount in trade.
Conditional MFN Trade
means that any trading advantage (such as 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 the country reciprocates and lowers its tariff rates in an equivalent amount in return.
balance-of-payment committee
members must provide justification for the measure to this committee.
nondiscrimination and unconditional most favored nation trade
members will not give any import advantage or favor to products coming from one member
reciprocal tariff reductions and bound commitments
nations commit to maximum bound tariff rates on specific products and to make those rates publically available on their tariff schedules.
multilateral trade negations
nations commit to meet periodically to reduce tariffs and non-tariff barriers to trade
elimination of quotas and tarrification and other non-tariff barriers
nations must first convert their non-tariff barriers to tariffs (through a process called tariffication) and then engage in negotiations to reduce the tariff rates
multiple taxation
occurs when the same service or property is subjected to the same or similar tax by the governmental authorities of more than one nation.
allocated quota
one in which the total limit is "allocated" among several specific countries.
Nondiscrimination
one of the basic rights of membership in the WTO. it means every WTO member country must treat the goods and services from all other WTO member countries equally and without discrimination.
tariff bindings
tariff rates (rates become bound or capped at this rate)
Most-favored nation trading status
when this status is granted to a country they are agreeing to accord items imported from that county the most favorable treatment or the lowest tariff rates that it gives to like products imported from other MFN trading nations.
tariff schedules
where bound rates are published. they are a detailed product-by-product listing of all tariffs for that country.
quota
a quantitative restriction on imports
tariff
a tax levied on goods by the country of importation. considered one of the least restrictive trade barriers.
Transparency
ability of the public, particularly foreign firms, to have open access to government rules or private standards that are published and made readily.
ad valorem
according to value
sole executive agreement
an agreement negotiated and put into legal effect on the basis of the inherent authority of the president, and does not require congressional approval.
Tariff concessions
an agreement to reduce a tariff to a specified level
non-tariff barrier
any barrier to trade other than tariffs intended to prohibit or discourage imports, including quotas on imported products, special licenses for importing, and hidden "red tape" in the customs law.
Trade barrier
any impediment to trade in goods or services
Non-tariff barriers
any impediment to trade other than tariffs
Unconditional MFN Trade
any new lower 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.
Why did the federal government get granted the power to regulate international commerce and not the states individually?
because uniformity is important
The Bureau of Customs and Border Protection
brings together many functions of the former US Customs Service, the Border Patrol, and the Immigration and Naturalization Service.
The Border and Transportation Security Directorate
brings together the major border security and transportation security functions of Homeland Security
The Court of International Trade
consists of nine judges who hear cases arising from the trade or tariff laws of the US
Omnibus Trade and Competitiveness Act of 1988
extended the president's authority to negotiate trade agreements
The Bureau of Financial Crimes Enforcement Network
fosters domestic and international cooperation among law enforcement agencies in dealing with financial crimes
The Transportation Security Administration
has authority over the security of the traveling public in the United States
Normal trade relations
how US now refers to the term "most favored nation"
The Central American Free Trade Agreement 2004
is a regional agreement between the U.S. and five Central American countries: Guatemala, El Salvador, Honduras, Nicaragua and Costa Rica
tariff concession
is each country's promise to reduce tariffs on imports of a given item in return for tariff concessions from other countries
The Caribbean Basin Initiative
is the name collectively given to laws that grant trade preferences to goods imported from the Caribbean
common market
it is a customs union that also removes restrictions on the free movement of money, labors, and factors of production.
Japan Industrial Standards
its appearance on a product, although voluntary, indicates that the manufacturer has submitted to on-site inspections by the appropriate Japaneses ministry and has met accepted standards for quality control, production techniques, and research methods.
quotas
limiting the amount of imports
International Monetary Fund
loan money out, especially to developing countries to help with trade
Ministerial Conference
made up of high ranking representatives from all WTO member countries. Oversees WTO
Dispute settlement body
makes decisions on trade disputes between governments that are adjudicated by the Organization
The Dispute Settlement Body
makes decisions on trade disputes between governments that are adjudicated by the Organization. Its decisions generally match those of the Dispute Panel.
rounds
negotiating sessions
quasi judicial
not binding decisions but they are persuasive
auctioned quota
one in which quota rights are sold to the highest bidder
Import-Export Clause
prohibits the federal government from taxing exports and prohibits the states from taxing either exports or imports.
Trade Related Aspects of IP Rights
refers to govt rules or regulations on IPRs that have a direct or indirect effect on trade in goods.
US Bureau of Industry and Security
regulates the export of sensitive goods and technologies for national security and foreign policy and administrators US export control laws
import licensing schemes
requires people to get a license to be able to import
The negative implication doctrine
state governments may not enact laws that impose a substantial burden on foreign commerce.
tariff-rate quotas
(AKA tariff quota) is not really a quota at all but really a tariff rate that increases according to the quantity of goods imported. It is a ceiling on the quantity of goods that can be imported into a country at a given tariff rate.
Federal preemption
(The Supremacy Clause) When a law or regulation of the federal government directly conflicts with those of the state (or local) government, the federal law will generally prevail when congress expresses the intention that the federal law shall prevail or when that intention may be inferred from the legislation or from the circumstances.
Basic Principles of WTO Trade law
-multilateral trade negations -transparency and predictability of trade opportunities -reciprocal tariff reductions and bound commitments -nondiscrimination and unconditional most favored nation trade -national treatment -elimination of quotas and tarrification and other non-tariff barriers -consultations and dispute resolution
The court has exclusive jurisdiction over all civil actions commenced against the US involving ______
1. Revenue from imports or tonnage 2. tariffs, duties, fees, or other taxes on importation of merchandise for reasons other than the raising of revenue. 3. embargoes or other quantitative restriction of the importation of merchandise for reasons other than the protection of the public health or safety. 4. administration or enforcement of the custom laws
transparency and predictability of trade opportunities
A nation's laws and regulations affecting trade in goods and services must be made publically available so companies understand in advance the rules for doing business there.
Japan Line v. County of Los Angeles
Ad valorem property tax on containers used exclusively in foreign commerce violates the Commerce Clause.
Thailand- Restrictions on Importation of Cigarettes (1990)
An early GATT panel decision that the WTO Appellate Body still cites.
CE Mark
An internationally recognized symbol for quality and product safety for many different types of products, such as children's toys, gas appliances, machinery and medical and electrical equipment.
International Organization for Standardization
Based in Geneva, is a non-governmental organization compromising the national standards institutes of 163 countries.
WTO Agreement on Agriculture
Began process of removing govt intervention in the farming sector and ending govt programs that distort normal market conditions.
WTO Agreement on Basic Telecommunications
Binds 108 countries to MFN trade and to honor their specific commitments to open their telecommunication markets to foreign competitors. Includes local, long distance, and int'l communication.
Design standards
Characteristics that govern how a product should be designed.
Consumption Abroad
Consumers or firms making use of a service in another country (tourism)
nullification or impairment
Damage to a country's benefits and expectations from its WTO membership through another country's change in its trade regime or failure to carry out its WTO obligations
Performance standards
Describe how products should function.
Domestic Subsidies
Distort markets by causing overproduction and suppressing prices while protecting the incomes of farmers.
GATT European Economic Community -Import Regime for Bananas Case
EEC banana tariff on Latin American bananas increased 20-80% because they wanted only European Bananas. It was ruled as a violation of WTO Article 2
Farm Bill
Enacted every five years and establishes U.S. ag and food policies, programs, and funding for that period.
WTO General Agreement on Trade in Services (GATS)
Establishes rules for int'l trade in services.
Rice
Ever since WWII, what have the Japanese put restrictions as to limitations for?
Drafters of U.S. Constitution placed power to regulate international commerce in the hands of ____________
Federal government
Commercial Presence
Foreign company setting up subsidiaries or branches to provide services in another country.
beneficiary developing countries
Generalized System Preferences legislations
WTO Agreement on Government Procurement
Governs most large-scale government procurement.
North American Free Trade Agreement
Governs the free flow of services among Canada, Mexico, and the United States.
Emergency Powers
Granted to president for responding to international emergencies
withdrawal or suspension of a concession
If no settlement is reached or if the trade violation is not removed the general counsel can authorize this
Japan- Taxes on Alcoholic Beverages Case
Imported liquor taxed at 7-8 times the rate of Shochu. WTO ruled against Japan because they weren't treating like products similarly.
Presence of Natural Persons
Individuals traveling from their own country to supply services in another. (teachers, consultants)
Presidents powers over foreign affairs are derived from ____
Inherent power, the treaty power, and powers delegated by congress in a statute.
Codex Alimentarius
Int'l accepted standards or recommendations for the protection of their plants, animals, and foodstuffs. Most notable are found in what?
US Citizenship and Immigration Services
It performs many administrative functions formerly carried out by the former United States Immigration and Naturalization Service (INS)
Japan External Trade Organization
Maintains an online database of standards and technical regulations in the areas of food and plant safety, electronic products and electrical applications, household goods, consumer and industrial products, chemicals, food imports and others.
U.S. Trade Representatives
Negotiates with violating countries to get them to end their unfair practices and give equal access to U.S. firms.
SPS Agreement
Opens markets for ag exports by requiring that the protective measures taken by nations (1) may not be more trade-restrictive than required and may be applied only to the extent necessary for the protection of human, animal, or plant life; (2) may not be a disguised restriction on trade; (3) must be based on a risk assessment made according to scientific principles and scientific evidence; (4) may not unjustifiably discriminate between countries where similar threats prevail (5) countries must ensure that inspections of imported products are fair and reasonable and are complemented without delay.
Council for Trade in Services
Oversees GATS
Agricultural Export Subsidies
Payments or other benefits given to farmers that directly encourage, or are conditional upon, the export of food or ag products.
Presidential powers
Power to negotiate treaties, power to appoint ambassadors and conduct foreign affairs, power to act as commander-in-chief of armed forces, and powers delegated to president by Congress.
Legislative Power of Congress
Power to regulate commerce with foreign nations and among the several states, power to pass domestic laws, raise support and armies, provide and maintain a navy, declare war, appropriate monies, and levy and collect taxes.
Buy American Act
President may waive the requirement "this act" for suppliers from any country that is party to the AGP and complies with the AGP's terms in its own procurement practice. What is the Act the president may waive?
Justice Jackson Opinion
Presidents power is at its peak when he acts with express or implied authorization of Congress; called federal sovereignty. When the president acts without congressional consent his power is at his lowest level Such exercise of power must be carefully scrutinized Congress could easily pass legislation authorizing emergency powers to the president
GATT Article IX
Prohibits quantitative restrictions, contains a loophole allowing quotas on ag imports when necessary to protect govt price support programs.
WTO Agreement on Trade in Financial Services
Purpose of agreement is to open commercial banking, securities, and insurance industries to foreign competition. Intended to promote efficiency, reduce costs, and provide consumers with more choices.
Prior Approval
Regulated products must undergo testing, and inspections by an approved laboratory, receive certifications of compliance with technical standards and then receive a certification of compliance with technical standards, and then receive prior regulatory approval before sale.
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.
Cross-border Supply
Services supplied from one country to another
Section 301
Sets two different standards for retaliation against different types of foreign trade barriers: The first defines when retaliatory action by the UTSR is discretionary and the second defines when it is mandatory.
European Committee for Standardization
Standard setting in the EU for nonelectrical products.
Star-Kist Foods, Inc. v. United States
Star-Kist sues US over its reduction of import duties on foreign canned tuna. issue- was congressional delegation to the President to make tariff agreements an unconstitutional delegation of its legislative power? ruling- No, the delegation was constitutional and guided by the presidents decision based on the purposes of the Reciprocal Trade Agreement Act as expressed by Congress.
Reciprocal Trade Agreements Act of 1934
Started by Roosevelt. Granted the authority to the president to negotiate tariff reductions on a product by product basis based on reciprocity. Introduced Most favored Nations status and allowed the president to negotiate around smoot-Hawley using MFN destinations.
Technical barriers to trade
Technical regulations and standards that apply to imported ad foreign products, even if they also apply to domestics products.
The African Growth and Opportunity Act of 2000
The Act offers tangible incentives for African countries to continue their efforts to open their economies and build free markets.
European Communities-Regime for the Importation, Sale, and Distribution of Bananas
The Appellate body held that the US could call for the convening of WTO panel to question EC import barriers even though its exports were not directly affected. They allowed Us to raise ad valorem duties on EU products
Barclays Bank PLC v. Franchise Tax Board of California
The Court upheld the constitutionality of California's "unitary" method of assessing income tax on companies in California that are subsidiaries of foreign multinational corporations.
Treaties in Force
The US State Department Document where the treaties of the US can be found
Michelin Tire Corp. v. Wages
The US Supreme Court addressed the issue of the states power to tax imports
Crosby v. National Foreign Trade Council
The US Supreme Court struck down the Massachusetts law on the basis of federal preemption.
Japanese Large-Scale Retail Stores Law
The law originally provided a system whereby a large retailer would simply notify local retailers of plans to build a large store in the area but now it prevents stores over a certain size to be built
Normal Trade Relations
The new name for unconditional MFN trade in the US
Unilateralism
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.
Where does most of the presidential power come from?
The powers delegated by Congress
reciprocal trade
The trade between two countries
Japanese Ministry of Economy, Trade, and Industry
The widest authority, and the ministries that oversee the health, agriculture, and transportation sectors.
inherent powers
Those that are either expressly granted to the president in the Constitution or found to be there by judicial interpretation.
equal dignity rule
Treaties are binding in both the federal and state governments with the same force as an act of congress. Both statutes and treaties are of equal importance. An act of congress can override an inconsistent prior treaty. A treaty will override an inconsistent prior act of Congress.
Trade Promotion Authority
Used by president to negotiate and implement free trade agreements
Product standard
Usually used when referring to a voluntary guideline for product characteristics established by a recognized private or industry organization or association.
Telecommunication and Financial Services
What two areas are treated in separate GATS agreements?
Youngstown test
When president and congress work together, federal sovereignty and presidential power are at its peak.
Japanese Standards Associations
Works to develop and disseminate standards in many areas.
Priority Foreign Country
Worst offenders. Can also be placed on the watch list or the priority watch list.
The International Trade Administration
`housed within the department of commerce, preforms many of the trade promotion, market access, and import administration functions.
trade promotion authority
a "fast track" process for approving trade agreements to prevent it taking many years.
United States Trade Representative
a cabinet-level post reporting directly to the president. Carries on all bilateral and multilateral trade negotiations on behalf of the US, is the principal advisor on trade matters to the president, coordinates the trade agreement program, and coordinates all US trade policies.
schedule of concessions
a country's tariff bindings are recorded here. they are legal commitments considered part of the GATT agreement itself.
customs union
a free trade area with a common external tariff
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.
The General Agreement on Tariffs and Trade (GATT)
a multinational trade agreement that reflected a more international view of the worlds economic and trading system than the one that had previously existed
Legislative Authority of Senate
authority to give advice and consent to the president in making treaties with foreign nations and to approve treaties by a 2/3 vote.
Caribbean Basin Economic Recovery Act of 1983
authorized unilateral preferential trade and tax benefits for eligible Caribbean countries, including duty-free treatment of eligible products
free trade area
consists of 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 that deal with trade between them.
The International Emergency Economic Powers Act
enables the president to block financial transactions or restrict the flow of trade with foreign countries, or seize the assets of governments, individuals, or organizations responsible.
Global quotas
imposed by an importing nation on a particular product regardless of the country of origin.
US Immigration and Customs Enforcement
is a U.S. federal government law enforcement agency under the jurisdiction of the Department of Homeland Security
trade preferences
preferential tariff treatment to developing countries to help further their social and economic developments.
Unconditional MFN trade
requires that if a nation negotiates a reduced tariff rate on a certain product imported from one WTO member, that rate of duty automatically becomes applicable to like products imported from any and all other WTO members.
WTO Services Database
schedules that are available online from the WTO
Direct non-tariff barriers
specifically, limit imports of goods or services or deny access to foreign firms to local markets
The Generalized System of Preferences
the US aids in the economic development of certain developing countries by allowing their products to enter the US at reduced rates of duty, or duty-free.
embargoes
the banning of the importation of a good or goods from a country
bound rate
the maximum tariff rate a country may charge on an item, although tariff rates may be reduced below the bound rate.
trade liberalization
the process or reducing tariffs and removing artificial barriers and restrictions on trade
South-Central Timber Development v. Wunnicke
the supreme court considered a challenge to an Alaska regulation that required that all timber taken from state lands be processed within the state prior to being exported
trade consultations
they get together and listen to what the other wants
Harmonized Tariff Schedule of the United States
where the tariff schedules for the US are found
Exceptions permitting import restrictions
-When necessary to protect public morals -when necessary to protect human, animal, or plant life or health -relating to imports of gold or silver -prohibition on trade in products made by prison labor -protection of natural artistic, historic, or archaeological treasures -conservation of exhaustible natural resources if done in conjunction with domestic controls -when necessary to stop infringement of intellectual property rights -relating to traffic in nuclear materials, arms or ammunition -during time of war
Reasons to regulate imports
-collection of revenue -protection or safeguarding domestic industry and employment -prohibition of unfair trade -retaliation against foreign government trade barriers -implementation of foreign policy -implementation of national economic policies -protection of national defense -protection of natural resources or of the environment -protection of public health, safety, and morals -protection of plant and animal life -to ensure uniform compliance -protection of local cultural, religious, and ethnic values -to aid economic development in poorer, developing countries.
Arizona v. United States Case
Facts- Arizonia passes statute regulating police power over illegal aliens in U.S. Issue- was the statute constitutional under the supremacy clause? Rules- Supremacy clause says federal laws is the superior law of the land. Conclusion- Most of the statute stuck
Youngstown Sheet & Tube v. Sawyer(1952) Case
President Truman had relied on his inherent power as chief executive and as commander in chief of the armed forces to force the continued operation of the nations steel mills during the Korean War in the face of a threatened labor strike. This case looked at the Justice Jackson opinion (explains how president power works with congressional power) Supreme Court ruled that the president overstepped his authority.
Unitary business
an affiliated or related group of companies under common control.
US Commercial Service
maintains a network of offices at home and abroad to assist US firms in developing export opportunities
indirect non-tariff barriers
seem neutral and nondiscriminatory on their face, but their effect is to discriminate against foreign-made products or firms. may take the form of laws, regulations, or rules of administrative agencies that make it difficult or costly to import foreign-made goods or services.
Uruguay Round Agreements Act
states that any inconsistency in the Uruguay Round Agreement with US law is not effective
zero quota
used when referring to a complete ban on the import of a product that it permits zero quantities to be imported.
The Commerce Clause
vests the federal government with exclusive control over foreign commerce
The Andean Trade Program and Drug Eradication Act of 2002
was enacted to combat drug production and trafficking in the Andean countries
Requirements of a tax
1. The tax applied to an activity with a substantial connection to the state 2. the tax was fairly apportioned 3. the tax did not discriminate against interstate commerce 4. the tax was fairly related to the services provided by the state 5. the tax did not result in multiple taxation 6. the tax did not impair the federal governments ability to "speak with one voice when regulating commercial relations with foreign governments Compliance with the formula was not so impossible as to deprive the corporation of due process of law.
India-Quantitative Restrictions on Imports of Agricultural, Textile, & Industrial Products
The US sought to have India remove a complex scheme of import restrictions that existed for almost 50 years. The panel addressed the Indian licensing scheme as a prohibition on imports under Article XI and the BOP exception The ruling was that it violated article XI because they were discriminary and not rules-based and were no longer justified to preserve its balance of payments.
Least restrictive trade
The principle states that 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.
The Office of Foreign Assets Control
administers US trade sanctions enacted by congress on the basis of US foreign terrorists, international drug traffickers, and individuals or groups that illegally proliferate weapons of mass destruction.
North American Free Trade Agreement 1994
agreement signed by Canada, Mexico, and the United States, creating a trilateral trade bloc in North America.
Procurement Offsets
agreement that prohibits a procuring agency from awarding a contract to a foreign firm on the basis of certain conditions.
Market access agreements
agreements that provide exporters of goods and services that market access to foreign countries in the following areas 1) technical barriers to trade, including product standards; 2) government procurement of goods and services 3) trade in services including consulting, engineering, banking, and financial services, insurance, telecommunications and the professions; 4) trade in agricultural products; 5) trade-related investments measures; and 6) trade- related aspects of intellectual property rights.
Tupman Thurlow v. Moss
court concluded the regulation involved cant fairly be construed as a consumer protection measure and if it should be it would be interdicted by the commerce clause because it unreasonably discriminates against foreign products in favor of products of domestic origin
Trade Expansion Act of 1962
created the office of the US Trade Representative and gave the president authority to authorize across-the-board tariff reduction with countries.
fungible goods
crude oil, wheat, standard size graded lumber. usually subject to specific or flat rate tariff
Trade Reform Act of 1974
gave more power to the president to provide trade preferences to developing nations
international emergencies
generally unexpected international events that threaten American national security
Sanitary and Phytosanitary Measure
govt rule or regulation that protects or enhances food, animal, or plant safety or quality, including preventing the spread of pathogens and disease.
The US Department of Commerce
has broad authority over many international trade issues
Department of Revenue of the State of Washington v. Association of Washington Stevedoring cos. Case
held that the tax does not restrain the ability of the federal government to conduct foreign policy. As a general business tax that applies to virtually all businesses in the state, it has not created any special tariff. The assessments in this case are only upon that business conducted entirely within Washington. No foreign business or vessel is taxed.... the tax merely compensates the state for services and protection extended by Washington to the stevedoring business.
Global tariff
imposed on a particular classification of goods without regard to the country of origin of the goods
Trade in Services
includes areas such as professional services (law, accounting, architecture, engineering and others); travel, recreation, and tourism; health care; transportation and distribution; finance, banking and insurance; computer and data processing services; research and development; business services such as advertising, market research, and consulting; education; environmental engineering and waste management; and telecommunications.
multilateral trade negotiations
initially applied to negotiations between General Agreement on Tariffs and Trade (GATT) member nations conducted under the auspices of the GATT and aimed at reducing tariff and nontariff trade barriers.
Congressional-Executive Agreements
international agreements between the president, representing the US, 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. Meet the Youngstown test for federal sovereignty
Technical regulation
is a law or regulation affecting a product's characteristics- such as its performance, design, construction, chemical composition, materials, packing or labeling- that must be met before a product can be imported or sold in a country.
appellate body
is a standing body of seven persons that hears appeals from reports issued by panels in disputes brought on by WTO members.
The International Trade Commission
is an independent agency of government created by congress in 1916. Maintains a highly trained cadre of professional economists and researchers who conduct investigations and prepare extensive reports on matters related to international economics and trade for congress and the president.
The United Nations
is an intergovernmental organization tasked to promote international co-operation and to create and maintain international order.
World Bank
is an international financial institution that provides loans to countries of the world for capital programs
Section 301
law permits the USTR to take retaliatory trade action against other countries whose trade policies toward the U.S. are unreasonable or discriminatory.
Trade Balancing Requirements
laws that condition a company's right to import foreign goods on the basis of the volume of the goods that company exports.
The International Trade Organization
planned to promote and stabilize world trade by reducing tariffs but not fulfilled
absolute quotas
quotas that strictly prohibit imports of an item above a pre-determined limit, based on the value or quantity of a specific good, or as a percentage of the domestic market for that item.
Smoot-Hawley Tariff Act of 1930
raised tariffs so high there was international retaliation, goods become more expensive and more scarce because demand increased, exacerbated the Great Depression.
free trade agreement
refers to 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. Goods moving between these countries have no tariffs and few restrictions.
Treaty Power
refers to the authority of the US to enter treaties pursuant to Article II of the constitution
specific or flat tariffs
tariff competed on a basis of physical units
ad valorem tariffs
tariff computed as a percentage of value
Treaties are self-executing or non self-executing. What does that mean?
self-executing-s a treaty that becomes judicially enforceable upon ratification Non self-executing-becomes judicially enforceable through the implementation of legislation
balance-of-payments
when a nations payment of foreign exchange exceed receipts
