Commercial Law

• Author: Kevin J. Fandl
• Profession: Director of the Global Legal Education Institute
• Pages: 77-91

Commercial Law

Chapter 4

77

Introduction

The third section of substantive law that a foreign legal practitioner

would likely use is commercial law. In particular, this section will

focus on the foundations of international trade law in the United

States, including trade policy and politics, the legal aspects of trade,

trade remedies, and free trade agreements. We begin with the his-

tory of trade policy in the United States.

Trade Policy and Politics

The United States followed free market principles through much of

the 19th century, following the in-

dustrial revolution. This included

lowering tariff barriers to trade in

order to open markets to global

competition and offer consumers

more diverse and often lower-

priced goods. However, following

the stock market crash and start of

the Great Depression in 1929, the United States Congress substan-

tially raised trade barriers in an effort to protect American workers

and their jobs.

Interesting Fact: Henry Ford

spent an evening at the White

House begging President

Hoover to veto the Smoot-

Hawley Tariff Act.