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Simple English definitions for legal terms

International trade

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A quick definition of International trade:

International trade refers to the exchange of goods and services between different countries. There are laws and regulations that govern international trade, including those set by the US Constitution, federal laws, and international treaties. The International Trade Administration (ITA) is a bureau of the US Department of Commerce that aims to promote fair trade and strengthen the competitiveness of US industry. The World Trade Organization (WTO) is an international organization that provides a framework for negotiating and resolving disputes related to international trade agreements.

A more thorough explanation:

International trade refers to the exchange of goods and services between different countries. It is governed by constitutional, federal, and international laws that regulate trade between the United States and foreign nations.

The Commerce Clause of the U.S. Constitution gives Congress the power to regulate commerce with foreign nations. Federal and international laws address a wide range of trade issues, such as customs duties, dumping, embargoes, free trade zones, intellectual property, quotas, and subsidies.

Congress has enacted numerous federal statutes, including the Tariff Act of 1930, the Trade Act of 1974, and the Trade Agreements Act of 1979. The President also has the power to negotiate international treaties and trade agreements, such as the Marrakesh Agreement Establishing the World Trade Organization and the North American Free Trade Agreement.

The International Trade Administration (ITA) is a bureau of the U.S. Department of Commerce that aims to strengthen the competitiveness of U.S. industry, promote trade and investment, and ensure fair trade through rigorous enforcement of U.S. trade laws and agreements. The ITA is comprised of four distinct business units: U.S. and Foreign Commercial Service, Manufacturing and Services, Market Access and Compliance, and Import Administration.

The United States is a member of the World Trade Organization (WTO), an international organization that provides a forum and a legal and institutional framework for its members to negotiate, implement, monitor, and resolve disputes relating to international trade agreements. As of 2021, the WTO has 164 members and 24 observer countries.

Examples of international trade include the import and export of goods such as cars, electronics, and clothing. International trade also includes the exchange of services such as consulting, tourism, and transportation. These examples illustrate how countries rely on each other for goods and services that they may not produce or provide themselves.

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15:41
just for u sweetie pie
15:43
woah so much swagger with dat 'm;
Dkk
15:47
@shaquilleoatmeal: more like, blow my back out by the bay boston instead of back bay boston.
Dkk
15:48
Indeed, the legendary man himself.
15:49
I would go to blow my back out by the bay boston
15:50
lift with ur back not your legs, its better to have a blown back than two bad legs
CynicalOops
15:53
Blow and back day out by boston bay
15:59
so true
Dkk
16:03
Of course. Man sad Ricky Henderson died. That was my favorite athlete of all time.
windyMagician
16:10
is it dumb that I rlly want to go to Mich even tho I have a full ride to umn
16:12
no-value as a consumer often means more than the price
Dkk
16:15
@windyMagician: Nah michigan is better than UMN
Dkk
16:15
My sister just officially graduated, yay!
16:16
awesome @Dkks sister
16:16
prolly named veronica or sarah
windyMagician
16:16
@Dkk: for public defense tho?
windyMagician
16:16
Sarah in the bathroom
texaslawhopefully
16:17
@windyMagician: not at all. Michigan is also very generous with aid, so if you get enough it makes perfect sense to take it.
windyMagician
16:17
fuck okay
windyMagician
16:17
going to my dream school is crazy
michigan also has better options if you do PD for 10 years then want to do something else
windyMagician
16:19
also would love to clerk for my federal district court even tho I know its hella competitive, I think mich sets me up better?
16:20
would be a great point to bring up when ur deciding / visiting each place- see what recent placement looks like
texaslawhopefully
16:23
For fed clerkships by far Michigan places better. I think it’s like 14-15 percent
windyMagician
16:25
sticker debt is high-key scary tho
texaslawhopefully
16:26
I’m sure you’ll get good merit aid though. Look at Michigan’s 509 report. They’re very generous.
16:34
i am going to wait patiently into january to get into a law school
16:34
then i will start tweaking
texaslawhopefully
16:42
January could not come any sooner
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