Barriers to Trade
Obstacles reducing international trade: tariffs (taxes), quotas (quantity limits), regulations, local content requiremen...
Real World
When the US imposed 25% tariffs on steel imports in 2018, UK steel exporters like British Steel faced higher effective prices in the American market, significantly reducing their competitiveness.
Exam Focus
Distinguish between tariffs (price-based) and quotas (quantity-based); examiners expect precise use of these terms.
How well did you know this?