The establishment of GATT resulted in:

A) lower tariff rates.
B) an increase in the net welfare loss of economies.
C) a decrease in the total world trade.
D) increased protectionism.
E) a rise in the price of imports.

GATT

The General Agreement on Tariffs and Trade, an international treaty designed to reduce trade barriers and promote international commerce.

Tariff Rates

Taxes imposed by a government on imported goods, which can affect international trade by increasing the cost of imported products.

Net Welfare Loss

The decrease in social welfare, often measured as the loss in efficiency or total wealth due to distortions, such as taxes or subsidies.