Led by the United States in collaboration with allies, the effort to form the organization from 1945 to 1948, with the successful passing of the Havana Charter, eventually failed due to lack of approval by the US Congress.
[2] In early December 1945, the United States invited its wartime allies to enter into negotiations to conclude a multilateral agreement for the reciprocal reduction of tariffs on trade in goods.
In July 1945, the US Congress had granted President Harry S. Truman the authority to negotiate and conclude such an agreement.
[3] At the same time, eight countries that had negotiated the GATT signed the "Protocol of Provisional Application of the General Agreement on Tariffs and Trade".
This negative feedback was to be accomplished by allowing nations overdraft equal to half the average value of the country's trade over the preceding five years, with interest charged on both surplus and deficit.
However, since the ITO was never brought into being, the GATT gradually became the focus for international governmental cooperation on trade matters.