Trade Basics
The exchange of goods and services between two parties.
What is trade?
The organization created in 1995 that replaced GATT.
What is the World Trade Organization (WTO)?
An economic idea that supports free markets and low trade barriers.
What is neoliberalism?
CBAM is related to this global issue.
What is Climate Change?
The cross-border exchange of goods, services, and intellectual property governed by rules and treaties.
What is international trade?
The 1947 agreement that reduced tariffs and laid the foundation for the WTO.
What is GATT (General Agreement on Tariffs and Trade)?
The opposite of free trade, focusing on protecting national industries.
What is protectionism?
CBAM places a price on this.
What is carbon?
A tax placed on imported foreign goods.
What is a tariff?
The body within the WTO that handles trade disputes between states.
What is the Dispute Settlement Body (DSB)?
This system encourages countries to remove trade barriers.
What is the free market system?
CBAM applies to goods imported into this region.
What is the European Union?
Protecting domestic industries, generating revenue, countering unfair trade, and gaining leverage.
What are the main reasons countries impose tariffs?
The WTO promotes this by reducing trade barriers and preventing discrimination.
What is free trade?
Governments may use tariffs for political leverage or this purpose.
What is negotiation?
The EU system that sets a carbon price is called this.
What is the Emissions Trading System (ETS)?
There isn’t one single law, but rather an interaction of global, regional, and national rules and institutions.
What governs international trade law?
GATT mainly worked to lower these.
What are tariffs?
Not all countries benefit equally from this system.
What is global trade?
Critics say CBAM might restrict this.
What is trade?