Vocabulary Notes to Text 4.7.1.2

To dispose of — распорядиться

To deem — считать, полагать

To overrule — аннулировать, отклонять

4.7.1.3. Read the text “Tariffs in International Trade” for five minutes and enumerate the functions

That tariffs perform (orally).

Мировая экономика

(a)То reduce the overall level of imports by making them more expensive relative to their homeproduced

Substitutes, with the aim of eliminating a balance of payments deficit (devaluation).

(b)To counter the practice of dumping by raising the import price of the dumped commodity to

Its economic level.

(c) To retaliate against restrictive measures imposed by other countries (reciprocity).

(d)To protect a new industry until it is sufficiently well-established to compete with the more

Developed industries of other countries (infant-industry argument).

(e)To protect “key” industries, such as agriculture, without which the economy would be vulnerable

In time of war.

For instance, tariffs were preferential for members compared with nonmembers of the Common

Market. It was an accepted principle under the most-favored-nation clause of the General Agreement

On Tariffs and Trade that tariffs had to be nondiscriminating, and any concessions agreed between

Two or more countries had to be automatically extended to all. It had been accepted, however,