Changes

<div class="portal" style='float:right; width:35%'>====Related Articles===={{#dpl:category=Economic History|ordermethod=firstedit|Events after World War II have shaped recent economic approaches to tariffs. The General Agreement on Tariffs and Trade (GATT) in 1947 was created with 23 countries in order=descending|count=9}}</div>to help foster multilateral trade that would help the global economy recover after World War II. The GATT became the foundation in which the World Trade Organization (WTO) was built, as it became its successor. The intent of this new economic order was also to fight Communism and trade was seen as vital for US policy in order to counter what they saw as threats from the Soviet Union in attracting countries to their sphere.

Events after World War II have shaped recent economic approaches to tariffs. The General Agreement on Tariffs and Trade (GATT) in 1947 was created with 23 countries in order to help foster multilateral trade that would help the global economy recover after World War II. The GATT became the foundation framework in which other trade agreements, including the World Trade Organization European Community (WTOEC) was built, as it became its successordeveloped into the European Union, in creating regional and bilateral trade agreements. The intent With the fall of this new economic order was also to fight Communism in the early 1990s, and the increasing influence of the International Monetary Fund, WTO, and World Bank, countries have increasingly lowered tariffs and signed trade was agreements at much higher rates since the 1990s. Regional trade agreements were seen as vital for US policy an important goal, with North America, Europe, Asia, Africa, and South America forming varying agreements. The North American Free Trade Agreement (NAFTA) is an iteration of this in order to counter what they saw as threats from the Soviet Union in attracting countries to their sphereearly 1990s.

GATT became the framework in which other trade agreements, including the European Community (EC), which developed into the European UnionToday, in creating regional and bilateral free trade agreements. With have generated controversy as many industries see the fall benefit of Communism in the early 1990s, moving manufacturing overseas to lower costs and the increasing influence many countries abandon some forms of the International Monetary Fund, WTO, and World Bank, manufacturing altogether as countries have increasing lowered tariffs and signed trade agreements are better able to produce goods at much higher rates since the 1990slower costs. Regional Free trade agreements were seen as an important goalhave helped to reorient global trade, with North Americaincreasingly low margin manufacturing, Europesuch as textiles and basic consumer products, Asiamoving to develop countries, Africawhile high technology manufacturing is still dominated by most developed countries, and South America forming varying agreements. The North American Free Trade Agreement (NAFTA) although this is an iteration of this in the early 1990salso now being challenged.

Today, free trade agreements have generated controversy as many industries see the benefit of moving manufacturing overseas to lower costs and many countries abandon some forms of manufacturing all together as countries are better able to produce goods at lower costs. Free trade agreements have helped to reorient global trade, with increasingly low margin manufacturing, such as textiles and basic consumer products, moving to developing countries, while high technology manufacturing is still dominated by mostly developed countries, although this is also now being challenged. Rising countries such as Brazil, Russia, India, China, and South Africa (the so-called BRICS) have increasingly benefited from free trade agreements. Nevertheless, in more developed countries, there has been a backlash against free trade agreements because it has had the effect of reducing manufacturing production in some economic sectors.<ref>For more on the evolution of the modern globalized economy and its relation to tariffs, see: Irwin, Douglas A, Petros C Mavroidis, and A. O Sykes. 2009. <i>The Genesis of the GATT</i>. Cambridge; New York: Cambridge University Press. </ref>

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