I have heard of the World Trade Organization before in other classes, but I did not realize how many different organizations there were in order to keep trading going smooth. I also learned that the WTO came from the General Agreement on Tariffs and Trade (GATT). I learned that worldwide trade really became a thing after World War ll and paved the way for future trade. In the text I read how the U.S. has had goal of lowering the deficit, I didn’t realize how unfair it used to be. After the Omnibus Trade and Competitiveness Act, the U.S. was put in a better position for exports to be more competitive. I know we have a lot of imports just from clothes I wear, but I never really thought about how trade effects our exports. Also, I did not realize that a lot of these different acts and organizations focused on items with tariffs instead of just country to country trade. I really enjoy learning about how different countries can come together to make it better for everyone, like with these different organizations.
Chase Moceri says
Rachel,
I also did not realize how big WTO is. Pretty crazy they are so diverse with organizations. It’s very interesting to think about how much we import and export. I learned our system for keeping track of our trading is through a balance-of-payments. As I have been going through my finance classes, I have been learning more and more about our countries process for keeping records. One thing that I find interesting is how dependent we are on China for exports. It makes me wonder how much we will continue to trade with China after Corona is over with. Most of our medical supplies and drugs come from out of county. With the current pandemic, I’m sure new regulations are to come.