For all the fuss about a potential US/UK trade deal, the plain fact remains that even without one, trade relations are huge 📨 Read HamishMcRae5's latest newsletter here
A year ago Janet Yellen, the Treasury Secretary, made a“Let’s build on and deepen economic integration and the efficiencies it brings – on terms that work better for American workers. And let’s do it with the countries we know we can count on. Favoring the “friend-shoring” of supply chains to a large number of trusted countries, so we can continue to securely extend market access, will lower the risks to our economy, as well as to our trusted trade partners.
The original idea was for the third body to be called the International Trade Organization, but ironically protectionist forces in the US stopped that happening. So the GATT, which was simply an agreement and not a body, set up offices and a secretariat, and co-ordinated a series of trade deals, which cut tariffs and quotas, paving the way for greater international trade. The WTO took over the work in 1995, but – ironically again – has never succeeded in negotiating a round of tariff cuts.
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