Next time, click the stars (or press S) to bookmarkdifficult terms for review.
chemicals, semiconductors, consumer durables, and computers
automobiles, petroleum, computers, and household appliances.
the United States, Germany, and Japan
This is where two or more nations grant equally advantageous trade concessions to each other
means that any tariff reductions the United States negotiates with a specific nation will automatically apply to many other nations.
The Reciprocal Trade Agreements Act brought about considerable reductions in American trade barriers.
the more efficient use of world resources and higher living standards
an overall increase in output obtained through specialization and exchange