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Traditional international trade involves a complex system of trade barriers to ensure the protection of domestic industry and its workers interests The trade impediments and subsidies include protective tariffs import quotas non-tariff barriers ie licensing and export subsidies Originally a countrys economy acted independently of other nations The growing trend ever since the establishment of GATT in 1947 is globalization In globalization a country acts as a part of a free trading community consisting of member nations around the globe As a trading community trade problems can easily be resolved through negotiations rather than a trade war McConnell 104-105 The US government employs the use of protective tariffs and export subsidies to protect and aid domestic industry The two types of tariffs used on imports are the Antidumping AD duty and the Countervailing CVD duty These duties shield domestic industry from foreign competition By raising the price of imports domestic products become more attractive to the consumer ie the phrase Buy American Export subsidies are government payments made to domestic producers The payments allow lower operating costs enabling producers to compete on the world market with similarly priced goods and services An example is US subsidization of agriculture to boost the US food supply on the world market Import The Department of Commerce DOC oversees the establishment and maintenance of trade orders ie policies implementing tariffs non-tariff barriers import quotas and subsidies These orders are continually updated as new trade issues arise Under the DOC is the International Trade Administration ITA which ensures the protection of domestic industry from international trade for both imports and exports Within the ITA is the Import Administration IA which specifically handles the imports for ITA Both the DOC and IA work together to form policies for antidumping and countervailing duties and export subsidies DOC Dumping is the selling of a product on a foreign market at a price less than fair value LTFV This practice can cause material injury
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