trade barrier
Quick Summary
Trade barriers are government-imposed restrictions on international trade. These can include tariffs, which are taxes on imported goods, and quotas, which limit the quantity of imports. Other barriers include subsidies for exports, regulations, and currency devaluation.
Governments implement these measures to protect domestic industries, preserve jobs, or achieve national security goals. However, trade barriers can distort markets, increase prices for consumers, and provoke retaliatory actions from trading partners, potentially leading to trade wars. While economists generally favor open markets for broader prosperity, nations often weigh national interests against the long-term costs of protectionist policies.123
- international trade - Nontariff barriers
- How Do Tariffs Work?
- free trade
- international trade - The infant-industry argument
- international trade - Protection of domestic industry
- international trade - How tariffs work
- When trade policy turns contentious: Tariffs, currency devaluation, and other trade barriers
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