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LSDefine

Simple English definitions for legal terms

International trade

Read a random definition: de ea re ita censuere

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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texaslawhopefully
22:30
@KnowledgeableRitzyWasp: That all sounds great. It sounds like it has fairly diverse cuisine for a smaller city
yeah there are so many good cuisines in ithaca
renard99
22:31
@lilypadfrog: that’s a pity I’da be liking them all
texaslawhopefully
22:31
Only food I’m going to miss for sure if I leave Texas is texmex
22:31
waspy hasnt had thai food in ithaca yet. ithaca thai is so good
^^^^ truuuuuu
22:32
there are two major thai places and they have very similar names bc a divorced husband and wife own them lol
22:32
personally i think taste of thai is better than taste of thai express but thats just me
i had pho tho and it was really good and huge portions
texaslawhopefully
22:32
Glad they have good Thai food, I love Thai food! Can’t wait to visit :)
22:33
when tex goes to ithaca i want to come
Dkk
22:34
Crying Tiger, best Thai dish.
damn im so hungry all i had today was a curry tonkatsu and buldak
and it was a lil baby noodle cup
vvv hungry
22:36
curry tonkatsu so yummeh
22:36
whats even open rn? pizza?
CTB is it i think
22:37
is collegetown pizza not open
22:37
i used to get a slice from there or wings over at like 1am after my shift at the restaurant
Dkk
22:48
Ross Ulbricht free. God Bless Trump. Huge win.
JeremyFragrance
22:54
agreed
texaslawhopefully
22:55
This is an interesting read: https://thedispatch.com/article/birthright-citizenship-trump-implications/
Dkk
23:01
I mean, idk how it's possible to end birth right citizenship without amending the constitution because to me the 14th amendment is pretty clear about it.
ross ulbricht tried to hire a hitman to kill 5 people
i am not that sympathetic to him
Dkk
23:04
@KnowledgeableRitzyWasp: That might have been an FBI agent. It was most likely him and he was most likely doing it to retrieve stolen funds that corrupt FBI agents stole, but yeah moral gray area but me personally, cool with hitmen. It's not like it is uncommon to hire hitmen. I don't think the action itself is necessarily wrong but the intent behind it can be.
Dkk
23:05
Like, Boeing whistblowers being killed by hitmen = wrong but a guy hiring hitmen to retrieve stolen funds = good to me.
texaslawhopefully
23:05
@Dkk: Yeah, for sure. My guess is it'll go to SCOTUS and it'll be 8-1 or 7-2, saying that EO was unconstitutional.
Dkk
23:06
Indeed. I need a count for how many exectuive orders he has signed and how many already have pending lawsuits.
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