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Essay text:
The growing trend ever since the establishment of GATT in 1947 is globalization.
Introduction
In globalization, a country acts as a part of a free trading community consisting of member nations around the globe. As a trading community, trade problems can easily be resolved through negotiations rather than a trade war (McConnell 104-105). The US government employs the use of protective tariffs and export subsidies to protect and aid domestic industry.
Types of Tariffs
The two types of tariffs used on imports are the Antidumping (AD) duty and the Countervailing (CVD) duty. These duties shield domestic industry from foreign competition...
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