At a Glance - Understanding import tariffs under WTO law - 21-03-2025
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In 1947, drawing on the lessons learnt from the global economic damage caused by trade protectionism and tariff wars prior to World War II, 23 countries, including the United States, initiated the General Agreement on Tariffs and Trade (GATT) as a platform foAt a Glance - Understanding import tariffs under WTO law - 21-03-2025
In 1947, drawing on the lessons learnt from the global economic damage caused by trade protectionism and tariff wars prior to World War II, 23 countries, including the United States, initiated the General Agreement on Tariffs and Trade (GATT) as a platform for multilateral negotiations aimed at liberalising and boosting global trade. To this end, GATT members - and since 1995 the members of the then newly created World Trade Organization (WTO) - gradually reduced their import tariffs and tariff quotas, creating a multilateral system of country-specific tariff commitments. These commitments, in conjunction with the general principles for their application, have since constrained WTO members' ability to unilaterally set tariffs higher than what they have committed to. Source : © European Union, 2025 - EP Read more