The General Agreement on Tariffs and Trade and its successor, the WTO, was formed to reduce trade barriers between nations

The GATT and its successor, the WTO, were established to lower trade barriers

Signed in 1947, the General Agreement on Tariffs and Trade began systematically reducing tariffs and trade barriers among member nations. In 1995, it was replaced by the World Trade Organization, which expanded those rules and established a formal dispute settlement system.

Global trade volume is roughly 45 times what it was when the General Agreement on Tariffs and Trade was founded

Since 1950, world trade values have grown nearly 410 times, mainly due to the successive tariff reductions negotiated under GATT and the WTO.

The WTO is the global body that sets and enforces the rules of international trade

Founded in 1995, with 164 member countries, the WTO negotiates trade agreements, resolves disputes between nations, and aims to reduce barriers to international commerce.

The history of the World Trade Organization

This episode of the "Brettonomics with Nancy Jackson" podcast explores the history of the WTO and its predecessor, the GATT, revealing the key people, negotiations, and decisions that shaped today's international trade rules.

China joined the WTO in 2001

After 15 years of negotiation, China joined the WTO as the 143rd member. This move gave it access to the global market in exchange for commitments to economic liberalization, despite skepticism from existing members about integrating a state-controlled economy into a free-market system.

250 years of world trade history

Adam Smith’s revolutionary ideas about free trade were often ignored throughout American history to protect domestic industry—until World War II caused a shift in sentiment about global trade.

Trump's 2025 tariffs represent a significant break from the rules-based trade order

The Trump administration imposed broad tariffs on other countries outside WTO rules in 2025, claiming that those countries had long violated trade agreements and that the US was simply leveling the playing field.

Trade between the US and China has increased in recent decades

After China joined the World Trade Organization in 2001, the trade partnership between the US and China bloomed. But it's not without pros and cons, including lower prices for US consumers and higher profits for US corporations alongside the loss of American jobs due to import competition and multinational companies moving overseas.

Relationships between countries have become more peaceful since the rules-based order was established

Our World in Data monitors bilateral relationships on a spectrum from open rivalry to "positive peace"—deep cooperation and mutual protection. In 1945, no countries had highly cooperative security relationships. Today, nearly a fifth do.

The Smoot-Hawley Tariff Act is among the most famous pieces of economic legislation in the US

In a desperate move to save the economy from the deepening global depression, the US placed tariffs on thousands of goods from abroad. This approach backfired, as many of America’s trade partners took retaliatory measures.

Critics argue that the World Bank, IMF, and WTO were designed to serve Western interests

Some analysts from developing nations argue that the Bretton Woods institutions were designed to reinforce Western economic dominance rather than to promote fair development for poorer countries. Supporters respond that these institutions have improved living standards worldwide.

The failures of the interwar period made the case for a new international system

After World War I, countries devalued their currencies, raised tariffs to block imports, and seized territory unchecked, with the international community unable to organize effectively to stop them. The result was a global depression and, eventually, another world war.

A trade war is an economic conflict where nations impose tariffs or other trade barriers on each other in retaliation for similar actions

The US-China trade war is one example. While they aim to protect domestic industries, they can lead to higher prices for consumers and strained international relations.

What are tariffs and how do they work?

Tariffs are taxes on imported goods paid by importing companies but typically passed on to consumers. They vary by country and product and, despite recent spikes, have historically accounted for less than 2% of federal revenue. Explore more with these data visualizations from USAFacts.

Trade and tariffs in the Roman world

Trade between nations and empires date back thousands of years, including the use of tariffs to raise government revenue.

The Berlin Airlift was the largest in history and a major Cold War victory for the US

In 1948, the USSR blockaded West Berlin to pressure America and its allies. In response, the US and its partners launched the largest airlift in history—delivering supplies daily for nearly a year until Stalin backed down.

Taiwan's economic history, analyzed

See how the global economic power evolved from the colonial period to today, including charts and graphs highlighting China's progress, especially in recent decades.

Watergate led to the prosecution of nearly 50 individuals

Watergate ushered in sweeping changes. Agencies were required to release information openly; officials had to disclose finances transparently; and new laws limited conflicts of interest, established independent ethics oversight, and safeguarded presidential records—curbing abuse and boosting accountability.

The WEF’s Edison Alliance connected more than 1 billion people to digital services

By 2024, the World Economic Forum-backed Edison Alliance had delivered digital connectivity and access to financial, healthcare, and education services to more than 1 billion people, using public-private partnerships across Africa, Asia, Latin America, and the US.

The US dollar is the most widely circulated currency in the world, and is involved in nearly 90% of global transactions

The Non‑Proliferation Treaty was designed to prevent new states from developing nuclear bombs

The Treaty on the Non‑Proliferation of Nuclear Weapons (created in 1968, effective 1970) binds non-nuclear states to forgo nuclear weapons and commits nuclear powers to share peaceful technology and pursue disarmament—forming the core of the global non-proliferation regime.

The 1941 Atlantic Charter was a World War II alliance and model for the UN

The Atlantic Charter was a pivotal 1941 agreement between Franklin D. Roosevelt and Winston Churchill, outlining shared goals for a post-World War II world rooted in freedom and self-determination. These ideals later inspired the founding principles of the United Nations.

Presidents now rely on executive agreements instead of formal treaties

Formal treaties—requiring two-thirds Senate approval—have become rare in American foreign policy. Modern presidents increasingly use executive agreements, which don't need congressional consent, allowing faster diplomacy but reducing legislative oversight and transparency.

The transatlantic cable allowed for communications between North America and Europe

It had significant impacts on just about every industry, including finance. Specifically, the transatlantic cable made it so that real-time financial transactions could take place across the Atlantic, and allowed for much faster sharing of information that increased global market accuracy.

The international agreement to address antimicrobial resistance

Antimicrobial resistance has become an increasingly glaring problem for both health and agriculture. In 2024, the United Nations announced a new suite of clear actions and targets that—taken together with existing efforts—can help address superbugs in a meaningful way and on a global scale. This page from the UN lays out these efforts, with links to additional information on the many aspects of the initiative.

How a black market for banned refrigerants still threatens ozone recovery and climate progress

Despite the Montreal Protocol's success, illegal trade in chlorofluorocarbons, hydrochlorofluorocarbons, and hydrofluorocarbons persists. Driven by high profits and weak enforcement, smugglers supply banned refrigerants, causing significant ozone depletion and greenhouse gas emissions equivalent to billions of tons of carbon dioxide.

While the first exchange-traded fund (a 'basket' of different assets that can be bought and sold on a stock exchange) in the US only launched in 1993, the global ETF market has grown to more than $10T in the short time since.

The US Constitution is widely regarded as the longest-standing written national constitution still in force—see how it has influenced rights worldwide.

Jimmy Carter signed a 1978 bill that legalized home brewing, a move credited with kick-starting the craft beer industry.

To reduce wrinkles in clothing, research recommends gentle wash cycles with more water and tumble drying with smaller loads and longer times.

Art theft is the third-largest source of criminal revenues worldwide, thanks in part to the subjective nature of valuing a work of art.

Fish populations in the Great Barrier Reef have increased after installing waterproof speakers on the ocean floor that played recordings of sounds from healthy coral reefs.

See the evolution of Ebola vaccine and treatment development.

Dozens of S&P 500 stocks, including Coca-Cola and Walmart—known as the dividend aristocrats—have increased dividends every year for 25 years

Electrical grids worldwide must double their power delivery capacity by 2050 to meet surging demand from AI and electric vehicles.

The identity of the Tank Man in the iconic photo from the 1989 Tiananmen Square protests remains unknown and was possibly killed.

One disco producer saw 'Star Wars' four times on its opening weekend and was so inspired that he recorded the album 'Star Wars and Other Intergalactic Funk,' which produced a chart-topping single.

Hookworm infection, though risky, may help fight certain autoimmune conditions by tamping down the immune system's inflammatory response.

Domino's Pizza's 30-minute delivery guarantee was responsible for the chain's 1980s surge, but it was discontinued after the company was found liable for delivery driver accidents.

In 2026, Finland was named the world's happiest country for the ninth consecutive year based on its wealth, social safety network, and high life expectancy, among other factors.

How Amazon operates a 'flywheel' business model, a self-reinforcing cycle that drives continuous growth

Double world record holder Hunter Ewen helped conquer his fear of balloons, called globophobia, by training to win Guinness World Record titles for balloon inflation.

The Brothers Grimm were lawyers before they were storytellers, and became interested in fairy tales as they began investigating how rules and customs had been passed down through cultures.

Volcanic activity may have triggered the Black Death by spewing gases that led to crop failures in Europe, thus forcing the import of grain ships with plague-infested fleas.

Most of the observable universe's volume consists of voids and supervoids—enormous regions of space with little to no galaxies, stars, or light.

Gerrymandering works through two techniques: cracking opposing voters across districts to dilute their power, and packing them into a few to waste their votes in lopsided majorities.

Dorothy's famous entrance into Oz in 'The Wizard of Oz' relied on analog tricks, including a body double and sepia-toned paint, as much as it did on technology

Explore an interactive map of battles from the American Revolution, along with detailed summaries of each engagement

Legendary architect Frank Lloyd Wright designed the SC Johnson headquarters in Wisconsin, aiming to make a cathedral-like workplace

The first steps to rebuilding your credit score include getting to know exactly what's on your credit report and figuring out how far you are from the '700 club,' or 'good score' range.