Question

A provision of the General Agreement on Tariffs and Trade Treaty (GATT)

A) Increased taxes on services between the US, Mexico, and Canada.

B Reduced international tariffs on industrial goods by forty percent.

C) Increased US tariffs on agricultural products by forty percent.

D) Ended taxes on goods traded by the US, Mexico, and Canada

Answer 1

The correct answer is B) reduced international tariffs on industrial goods by 40%.

A provision of the General Agreement on Tariffs and Trade Treaty (GATT) is reduced of international tariffs on industrial goods by 40%.

The GATT was an international trade organization that had the aim of abolishing of quotas and the reduction of trade tariffs for its members. GATT was formed on June 1, 1948. During the meetings called “Uruguay Round”(1986-1994), country members negotiated trade-liberalization agreements, which included the reduction of tariffs on industrial goods by 40% and the reduction of agriculture subsidies.