Question

Consider whether the United States economy has benefited as the result of US participation in GATT and the WTO.Would the US economy benefit from restricting the importation of foreign goods?

Answer 1

Economic theory predicts usa will benefit.same thing has happened. E. G between 1994-1998 13 lakh jobs were created in usa due to exports. Unemployment declined from 6.1 to 4.5 % .52 billion agriculture exports were made in 1998 alone.

There are many such examples. We can find recent developments also but we only need to show that usa benefits from trade,wto and GATT.

No because restricting imports will decrease consumer surplus and will create deadweight loss.