.... When nations contravened the agreement’s terms on specific areas of national interest, they found that it “contained loopholes wide enough for an elephant to pass”, in Rodrik’s words. If a nation wanted to protect its steel industry
, for example, it could claim “injury” under the rules of Gatt and raise tariffs to discourage steel imports: “an abomination from the standpoint of free trade”. ...
[Read full article on Guardian
Friday 14th of July 2017 04:28:14 AM