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 Chinese steel in 2018 under Trump's trade policy, UK steel exporters faced reduced competitiveness in the US market as a knock-on effect of global trade realignment.
Exam Focus
Distinguish clearly between tariffs (price barriers) and quotas (quantity barriers) — mixing them up loses easy marks.
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