Toughest GATT meetings to reduce tariffs.

British placed tariff on imported corn.

$1947$ entity set up to liberalize trade.

Members account for $98\%$ of world trade.

$1970$s GATT trade negotiations.

U$.$S$.$ tariff for almost every industry.

Corn Laws

Smoot$-$Hawley Act

GATT

Tokyo Round

Uruguay Round

WTO

These laws are often viewed as examples of British mercantilism and their abolition marked a significant step toward free trade.

A $1930$ law aimed at avoiding rising uinemployment by protecting domestic industries and diverting consumer demand away from foreign producers.

Superseded by the WTO, its membership grew from $19$ to more than $120$ nations.

The average tariff declined by nearly $92$ percent in the United States between the Geneva Round of $1947$ and this round of $1973-79.$

$1986-1993$ trade negotiations led to reduced tariffs on industrial goods, reduced agricultural subsidies, and more protection for intellectual property rights, etc.

Between $1995$ and $2019$ more than $500$ trade disputes between member countries were brought before this organization.

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