In the era of NAFTA and the World Trade Organization (WTO), it is easy to overlook the fact that countries once traded with each other without that trade being managed by multinational or international trade regimes. Regarding the United States, Congress exercised its constitutional powers to set tariffs (which are nothing more than excise taxes on foreign imports at their point of entry into the United States) and, in general, to “regulate commerce with foreign nations” (Article I, Section 8 of the Constitution).
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