What Are the Basic Provisions of the General Agreement on Tariffs

question 13

Essay

What are the basic provisions of the General Agreement on Tariffs and Trade (GATT)?. Give three examples of how it benefits U.S. industries.

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Definitions:

Accounts Payable

Liabilities representing amounts owed to creditors for goods and services received but not yet paid for.

Retired

In accounting and finance, this term often indicates that an asset has been taken out of service or that a debt instrument, like a bond, has been paid off and is no longer in circulation.

Bonds Payable

Bonds payable refers to the amount of money a company owes to holders of its bonds, representing a long-term debt obligation.

Credit Cash

An accounting entry that represents an increase in cash or cash equivalents, indicating funds being added to the company’s assets.