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International trade Law PDF

   

Added on  2021-04-17

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Running head: INTERNATIONAL TRADE LAWInternational Trade LawName of the StudentName of the UniversityAuthor note

1INTERNATIONAL TRADE LAWIntroductionThe United States had identified and introduced a legislation that regulatedthe composition of petrol to make things around better. The members of the GATTcannot block the establishment of a panel in the dispute settlement of WTO. The aimand objective of the WTO is to monitor the rules of international trade rules, settledisputes and decrease the level of trade barriers. It includes provisions formonitoring compliance and review. It also consists of the remedies that haveapproved counter measures. The contracting parties should be the members of theInternational Trade Organization that will not invoke the provisions of the agreement.The WTO replaced the General Agreement of Tariffs and Trade.President Trump taken such drastic measures knowing that theInternational repercussions would be enormousAs per the rulings and requirements of WTO, the dispute settlementbody is the central pillar of the trading system. The World TradeOrganization has an unique contribution to the global economy. Thenthe legislative efforts took time, the White House enacted the board toalter the government policies and practice. Despite knowing theinternational repercussions, President Trump took drastic steps byimposing tariff on steel and aluminum1. In this regard, President Trumpimposed 25% tariffs on steel and 10% tariffs on aluminum. Therefore,these lead to the demise of the WTO and the International Trade. Thenew President, Donald Trump assured the biggest tax revolution sinceit was difficult to unleash the economic growth by cutting the taxesacross the board. According to Trump, no business of America will pay1 Jervis, Robert.Perception and misperception in international politics. Princeton University Press, 2017.

2INTERNATIONAL TRADE LAWmore than 15 percent of its profit in tax as compared to the presentmajority of 35 percent. However, it was concluded that this conceptwas still not clear as to how the tax cuts will be paid2. In this regard, itis worth noting that according to Donald Trump the imposition of tariffson steel and aluminum would safeguard American employmentopportunities in future. However, modern economists stated that withthe imposition of tariffs it will create huge impact on the large scaleusers of steel and aluminum which includes oil and automobileindustries. In such process more job opportunities will e destroyed.Donald Trump had introduced the foreign policy by increasing thealterations in the spectra of a major change in policy of China byensuring them full support from the United States for the policy ofChina that has been in existence for a period of four decades. TheGeneral Agreement on Tariffs and Trade contracts the parties and itsformer territories. The panels of GATT overruled the popular UnitedStates protection laws that sparked the trade and started an argumenton it. It restricts the contracting parties on any importation of anyproducts. The impact of trade of trade rules on the controversiesaffects and targets the products depending on the process andproduction methods. The increased authority of dispute settlementreferred to the situation when the trade disputes carried more weight. Itused to bind the parties and attracted non-compliance sanctions. Theprovisions of this Agreement will be applicable to all the metropolitancustoms territories of the contracting parties and to other customs.2 Dionne Jr, E. J., Norman J. Ornstein, and Thomas E. Mann.One Nation After Trump: A Guide for the Perplexed, the Disillusioned, the Desperate, and the Not-yet Deported. St. Martin's Press, 2017.

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