Macroeconomics › Section U · Globalization and protectionism › Topic U.4
How trade policy is made
Trade rules are set in three arenas at once: global agreements through the World Trade Organization, regional deals between groups of countries, and national laws and agencies. Knowing who decides, and under what authority, explains much of the trade news since 2018.
In this topic
- Three arenas
- From GATT to the WTO
- The WTO today
- Regional agreements
- Worked example: trade diversion
- The national level in the United States
- Worked example: tracing a tariff's authority
- Why countries tie their own hands
- Common mistakes to avoid
- Key takeaways
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