Explain what the General Agreement on Tariffs and Trade (GATT) is and give pro and con arguments concerning this agreement
GATT refers to the General Agreement on Tariffs and Trade. The general purpose of GATT is to eliminate trade barriers between signatory countries and to bolster commerce.
Proponents of GATT claim that the United States will be a primary beneficiary since this country has imposed lower duties than most other countries. Accordingly, the U.S. will be able to compete on a more level footing with foreign competitors. The result will be a great increase in world trade and greater income for this country.
Opponents of GATT argue that the United States will lose millions of jobs since labor-intensive goods will be made via exploited labor in foreign countries. Given the low cost of production, American companies will not be able to compete. Additionally, opponents claim that domestic job losses will be in low-end employment, so those put out of work are the ones least able to find alternative employment.
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