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oct 30, 1947 - General Agreements on Tariffs and Trade (GATT)

Description:

GATT was very important to globalization because major countries came together to finish this agreement that made trade easier for the countries involves by reducing tariffs on manufactured goods. This was a start to countries making deals with each other that paved the way for other trade deals. GATT was established because of what happened during the Great Depression, tariffs didn't allow the U.S. to be able to compete competitively in trade. So to counteract it GATT made agreements between countries to lower tariffs and create more and smoother trade between their countries.

“International Trade Agreements.” International Trade Agreements: The Concise Encyclopedia of Economics | Library of Economics and Liberty, www.econlib.org/library/Enc/InternationalTradeAgreements.html. Accessed 5 Sept. 2017.

Added to timeline:

11 months ago
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Date:

oct 30, 1947
Now
~ 70 years ago
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