What events led to the General Agreement on Tariffs and Trade? Why did the World Trade Organization eventually replace GATT? A. The Great Depression and the Sherman Act; As world trade grew, a more formal organization was needed. B. The Great Depression and the Sherman Act; Trade in services and in products incorporating intellectual property grew in importance. C. The Great Depression and the Smoot-Hawley Tariff; As world trade grew, a more formal organization was needed. D. The Great Depression and the Smoot-Hawley Tariff; Trade in services and in products incorporating intellectual property grew in importance.

Question

Social Studies

Aimee Joseph

14 October, 13:01

What events led to the General Agreement on Tariffs and Trade? Why did the World Trade Organization eventually replace GATT? A. The Great Depression and the Sherman Act; As world trade grew, a more formal organization was needed. B. The Great Depression and the Sherman Act; Trade in services and in products incorporating intellectual property grew in importance. C. The Great Depression and the Smoot-Hawley Tariff; As world trade grew, a more formal organization was needed. D. The Great Depression and the Smoot-Hawley Tariff; Trade in services and in products incorporating intellectual property grew in importance.

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Answers (1)

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Jimmy Le · Answer 1

c. The Great Depression and the Smoot-Hawley Tariff led to the Generall Agreement on Tariffs and Trade. As world trade grew, a more formal organization was needed and the World Trade Organization eventually replaced GATT.

Explanation:

It is worthy saying that the GATT remains but it has been taken over by the World Trade Organization. Tariffs like Smoot-Hawley after World War II as well as the Great Depression were major events that created the need for a General Agreement on Tariffs and Trade. It was initially signed by a few countries and it kept growing, thus the need for a more formal World Trade Organization.