Treaty of commerce

Definition and stakes

Portrait of Adam Smith Adam Smith The Wealth of Nations (1902)

WHEN a nation binds itself by treaty either to permit the entry of certain goods from one foreign country which it prohibits from all others, or to exempt the goods of one country from duties to which it subjects those of all others, the country, or at least the merchants and manufacturers of the country, whose commerce is so favored, must necessarily derive great advantage from the treaty. Those merchants and manufacturers enjoy a sort of .monopoly in the country which is so indulgent to them.
Source: Wikisource

Portrait of Thomas Jefferson Thomas Jefferson The Writings of Thomas Jefferson…

By the sixth article of the Confederation, the States renounce, individually, all power to make any treaty, of whatever nature, with a foreign nation. By the ninth article, they give the power of making treaties wholly to Congress, with two reservations only. 1. That no treaty of commerce shall be made, which shall restrain the legislature from making foreigners pay the same imposts with their own people: nor 2d, from prohibiting the exportation or importation of any species of merchandise, which they might think proper.
Source: Gutenberg

Get perspective with Kwize: daily news enlightened by great literature