The world Trade Organizations. A multinational General Agreement on Tariffs and Trade (GATT) organization was created following World War II for the purpose of regulating international trade. Over the years GATT has dominated by banking, business,and commercial interests in Western nations seeing multilateral tariff reductions and the relaxation of quotas. They have been especially successful over the years in opening the giant U.S. market to foreign goods. Indeed, average U.S. tariffs fell from more than 30 percent in 1947 to less than 1 percent today.