The General Agreement on Tariffs and Trade (GATT) was a multilateral agreement aimed at promoting free trade among nations. It was signed in 1947 and lasted until it was replaced by the World Trade Organization (WTO) in 1995. GATT was an important step towards the liberalization of international trade and helped to create a more level playing field for businesses around the world.

There are a number of misconceptions about GATT that have been propagated online. One such misconception is that GATT was a treaty between the United States and Europe. This is incorrect. While the U.S. played an important role in the creation and enforcement of GATT, it was a multilateral agreement between many countries. In fact, GATT had 23 original signatories and eventually grew to include 128 members.

Another incorrect statement frequently encountered on quizzes and in online discussion forums is that GATT was primarily concerned with reducing tariffs. While it is true that GATT did include provisions for reducing tariffs, it was also concerned with non-tariff barriers to trade such as quotas, subsidies, and technical barriers to trade. Additionally, GATT addressed issues related to intellectual property, services, and investment.

A third common misconception is that the creation of GATT was prompted by the Bretton Woods Conference. While GATT was indeed created in the aftermath of World War II, it was not a direct outgrowth of the Bretton Woods Conference. Rather, GATT was the product of negotiations that took place at a series of conferences in Geneva between 1946 and 1947.

In summary, there are a number of misconceptions about GATT that persist online. GATT was not a treaty between the U.S. and Europe, it was concerned with more than just reducing tariffs, and it was not directly related to the Bretton Woods Conference. As with any important historical event, it is important to get the facts straight in order to fully understand its significance and impact.