Define the most favored nation principle

Reference no: EM131478959

Question: The following questions refer to Side Bar: Key Provisions of the GATT.

a. If the United States applies a tariff to a particular product (e.g., steel) imported from one country, what is the implication for its steel tariffs applied to all other countries according to the "most favored nation" principle?

b. Is Article XXIV an exception to most favored nation treatment? Explain why or why not.

c. Under the GATT articles, instead of a tariff, can a country impose a quota (quantitative restriction) on the number of goods imported? What has been one exception to this rule in practice?

Reference no: EM131478959

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