How does international trade law differ from domestic trade law?

International trade law is an umbrella term for legal regulations, agreements, and conventions that govern international trade. It is distinct from domestic trade law, which establishes the rules for commercial transactions within a nation’s own borders. International trade law is primarily comprised of two bodies of law: public and private. Public trade law defines the rights and obligations of individual countries in their international trade relations, such as tariffs, export and import policies, government subsidies, protectionism, and trade sanctions. Private international trade law creates rights and obligations between private parties, including international contracts, foreign investment, and intellectual property. In the US, the regulation of international trade is the domain of federal law. The US Constitution gives Congress the power to regulate foreign commerce, and Congress has passed a number of statutes to this end, including the Trade Expansion Act of 1962, the Trade Act of 1974, and most recently, the Bipartisan Congressional Trade Priorities and Accountability Act of 2015. At the state level, Tennessee has laws, such as the Uniform Commercial Code, that govern domestic commercial transactions. However, these laws do not apply to international trade. In contrast, domestic trade law deals exclusively with commercial transactions within the borders of a single country. The rules and regulations of trade vary widely from country to country. In the US, domestic trade is regulated by both federal and state law. At the federal level, the Sherman Antitrust Act, the Lanham Act, and the Federal Trade Commission Act all regulate commercial trade within the US. At the state level, Tennessee has laws shaped by the Uniform Commercial Code. These domestic laws establish liability, damages, and other regulations related to domestic commercial transactions.

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How does international trade law differ from domestic trade law?

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