Problem
1. To what extent have the traditional arguments that justify protectionist barriers actually been incorporated into U.S. trade legislation?
2. At what stage in U.S. trade history did protectionism reach its high point?
3. What is meant by the most-favored-nation clause, and how does it relate to the tariff policies of the United States?
4. GATT and its successor, the World Trade Organization, have established a set of rules for the commercial conduct of trading nations. Explain.