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The major goods exports of the United States are

chemicals, semiconductors, consumer durables, and computers

The major goods imports of the United States are

automobiles, petroleum, computers, and household appliances.

In terms of absolute dollar volume, the world's leading export nations are

the United States, Germany, and Japan

What is Reciprical trade

This is where two or more nations grant equally advantageous trade concessions to each other

What does the "most-favored-nation" clause of reciprocal trade agreements mean

means that any tariff reductions the United States negotiates with a specific nation will automatically apply to many other nations.

What was the function of the Reciprocal Trade Agreements Act

The Reciprocal Trade Agreements Act brought about considerable reductions in American trade barriers.

What is the primary benefits of international trade

the more efficient use of world resources and higher living standards

A nation's true gain from international trade is

an overall increase in output obtained through specialization and exchange