10th – Trade Was Among Rich Countries

*In early 1986, leaders of the free world’s seven leading industrial powers, together

with the top two officials of the European Community, met in Tokyo to discuss free

trade. The heads of governments of the United States, Japan, West Germany, France,

Italy, Britain, and Canada announced in their “Tokyo Economic Declaration” their

“Commitment to halting and reversing protectionism, and to reducing and dismantling

trade restrictions.”

Summary

TARIFFS

3 Classifications of Tariffs

1. According to purpose

a. Protective tariff

- For the protection of domestic industries