With Republicans at his side, President Clinton hailed it as "the first vote of a new era of cooperation." Indeed, the lame-duck 103rd Congress put aside its partisan rancor last week and overwhelmingly approved legislation to implement the General Agreement on Tariffs and Trade. Roughly 2 of every 3 members of each party voted for GATT, which will lower tariffs in 124 nations an average of almost 40 percent by 2004. But not every major public figure joined the rare display of harmony. Ross Perot vowed to create a third political party by the 1996 election campaign if GATT passed. Pat Buchanan denounced the pact as "a crime against democracy" and hinted that it might prompt him to run again for the Republican presidential nomination in '96. Since its provisions are being phased in gradually, critics and advocates alike probably will have that and several other years to argue whether GATT is a boon or a bust.
GATT AND AMERICA Supporters say GATT will --
Promote exports by lowering foreign tariffs and trade barriers Create jobs and increase GDP by $100 billion to $200 billion within 10 years Protect U.S. patents and technology from foreign piracy
Critics say GATT will --
Expose U.S. jobs and industries to unfair competition from low-wage nations Endanger environmental and consumer laws Allow a powerful bureaucracy to control U.S. trade law
