Short Question:

1. Describe the basis for the dominant role of the federal government in the formation and regulation of international trade.

2. Describe the legislative power of Congress over the President's power in international trade policy.

3. The Uruguay Round was the bridge transitioning the GATT structure into the new WTO of 1995. It dealt in large part with updating new agreements dealing with the deficiencies in GATT 1947. Describe some of those deficiencies. 4. GATT Article XX allows countries to restrict trade when necessary to meet certain public policy goals. These are listed in the text as exceptions to GATT. Describe the most significant ones. 5. Why have there been so many complaints by foreign nations and manufacturers about Japanese technical barriers to trade? 6. As a general statement of trade policy, historically GATT was most focused on trade in goods and it was only later in 1990s that WTO began to focus on promoting liberalized international trade in services. What reasons may explain this timing difference?