U.S. trade policy and the Tokyo Round of multilateral trade negotiations.

Format:

Book

Government document

Author/Creator:

United States. Congressional Budget Office

Contributor:

Neu, C. R. (Carl Richard), 1949-

Simon, Emery

United States. Congressional Budget Office

Series:

Background paper (United States. Congressional Budget Office)

Background paper

Language:

English

Subjects (All):

General Agreement on Tariffs and Trade (Organization).

Tokyo Round (1973-1979).

Tokyo Round.

United States--Commercial policy.

United States.

Tariff.

Non-tariff trade barriers.

tariff.

Commercial policy.

Physical Description:

1 online resource (xv, 49 pages) : illustrations.

Place of Publication:

Washington, D.C. : Congress of the United States, Congressional Budget Office : For sale by the Supt. of Docs., U.S. G.P.O., [1979]

Summary:

The multilateral trade negotiations (MTN) now underway in Geneva have become the focus of growing interest in U.S. policy toward international trade and, more generally, in the entire set of rules and practices that govern the conduct of international trade. These negotiations, in which 98 nations are participating, have as their goal the conclusion of multilateral agreements that will result in major tariff reductions, in substantial progress toward the reduction of a variety of nontariff barriers, and in general reform of the rules and procedures laid down for international trade in the General Agreement on Tariffs and Trade (GATT). This round of negotiations has been underway since early 1975 and is now nearing its conclusion. On January 4, 1979, the President, in accordance with the terms of the Trade Act of 1974, notified the Congress of his intention to enter into a multilateral trade agreement. Ninety days after this notification, the President may conclude a trade agreement. He will then submit the text of the agreement, along with the required implementing legislation, to the Congress for approval, and the agreement will enter into force for the United States upon enactment of the implementing legislation. The Trade Act of 1974 prohibits the Congress from amending the trade agreement after it has been formally submitted by the President. The terms of this agreement, however, are expected to be quite broad, allowing considerable leeway for interpretation. The exact content of the implementing legislation will be a matter for negotiation between the President and the Congress, and thus the Congress will exercise considerable influence over the ultimate effect that any new trade agreement will have on the U.S. economy. Events of the last few years--oil price increases, worldwide recession, international monetary instability, widely varying rates of inflation, and the emergence of some developing countries as exporters of manufactured products--have placed strains on the trading system, shifting patterns of trade and producing large imbalances in the flow of trade. Some of these same factors have had the effect of disrupting domestic economies and causing significant dislocation of workers. In these circumstances, it is not surprising that pressure for more restrictive trade policies is growing in many countries. Indeed, in the developed countries from which data are available, the last three years have seen a noticeable increase in official actions that have the effect of limiting imports. Although the primary goal of the Geneva talks is a significant liberalization of world trade arrangements, many see agreement in Geneva as necessary if the current liberality of trading arrangements is to be maintained. Without an agreement, these observers argue, it will be impossible for many governments to resist growing pressure for protectionist policies. For the most part, the "new protectionism" that is emerging has taken the form of nontariff barriers to trade. Thus, most attention at Geneva has focused on agreements governing such practices rather than on the tariff reductions that will also be part of any agreement reached in Geneva. Unfortunately, the effects of reductions in many nontariff barriers are very difficult to quantify and must sometimes be excluded from formal analyses of the effects of liberalized trade.

Contents:

Summary

Introduction

The present situation

The implication of freer trade

Some special problems for U.S. trade policy

Conclusion.

Notes:

Includes bibliographical references.

Print version record.

Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010.

Other Format:

United States. Congressional Budget Office. U.S. trade policy and the Tokyo Round of multilateral trade negotiations.

OCLC:

681216685

Access Restriction:

Use copy Restrictions unspecified