The General Agreement on Tariffs and Trade (GATT) came into force in 1947 and is now part of the World Trade Organization (WTO) agreement. WTO tariffs are standard import/export tariffs on international trade in goods, unless two regions are part of a customs union or have a free trade agreement that lowers or lowers tariffs. If the UK and the EU fail to agree on a free trade agreement, the WTO GATT will apply to trade in goods. If the UK and THE EU fail to reach a free trade agreement, trade in services will also be subject to the WTO General Trade in Services Agreement (GATS). A trade agreement (also known as a trade pact) is a large-scale tax, customs and trade agreement, which often includes investment guarantees. It exists when two or more countries agree on conditions that help them trade with each other. The most frequent trade agreements are preferential and free trade regimes to reduce (or remove) tariffs, quotas and other trade restrictions imposed on intermediaries. The EU can use a range of measures to protect itself from unfair trade practices, from the appointment to the WTO of a full trade war. A trade agreement signed between more than two parties (usually neighbouring or in the same region) is considered multilateral. They face the main obstacles – to content negotiation and implementation. The more countries involved, the more difficult it is to achieve mutual satisfaction. Once this type of trade agreement is governed, it will become a very powerful agreement.
The larger the GDP of the signatories, the greater the impact on other global trade relations. The largest multilateral trade agreement is the North American Free Trade Agreement between the United States, Canada and Mexico.  Trump put Canada under pressure and put Prime Minister Justin Trudeau`s government in a sharp dilemma, as NAFTA supports three-quarters of Canada`s exports to the United States and 2.5 million Canadian jobs depend on that trade. Trump`s “decades of abuse” of Washington`s “decades of abuse” alerted a considerable number of U.S. congressional officials who recognize the importance of strong relations with their northern neighbors.