Chapter 6 Flashcards
Tariff of Abominations
Increased duties to an average level of 45%
Tariff of Abominations
Increased duties to an average level of 45%
Compromise Tariff
Downsizing of the tariff protection afforded US manufacturers.
Walker tariffs
Cut duties to 23% in order to eliminate budget surplus.
Reciprocal Trade Agreements Act (1934)
Changed US policies by transferring authority from Congress to the president.
most-favored nation (MFN)
An agreement between two nations to apply tariffs on each other at rates as low as those applied to any other nation having MFN status.
General Agreement on Tariffs and Trade (GATT)
Agreement to decrease trade barriers and to place all nations on an equal footing in trading relations.
Compromise Tariff
Downsizing of the tariff protection afforded US manufacturers.
Walker tariffs
Cut duties to 23% in order to eliminate budget surplus.
Reciprocal Trade Agreements Act (1934)
Changed US policies by transferring authority from Congress to the president.
most-favored nation (MFN)
An agreement between two nations to apply tariffs on each other at rates as low as those applied to any other nation having MFN status.
General Agreement on Tariffs and Trade (GATT)
Agreement to decrease trade barriers and to place all nations on an equal footing in trading relations.
trade promotion authority/fast-track authority
President must formally notify Congress of his intent to enter trade negotiations with another country, which starts some 60-day clock.
countervailing duty
Retaliation against foreign export subsidies.
export-import bank (Eximbank)
Provides cheap credit for foreign customers who purchase American-made products.
