International Trade

Trade Policies - Introduction

* Free trade: efficiency -> potential gain
* Most countries have erected barriers to trade
* The only difference is in the degree and the coverage
* Reasons for trade barriers
* Protect import competing sector
* Revenue
* Retaliation
* Defence
* Patriotism (national emotion)
* Tools of trade barriers
* Tariff
* Quota
* Voluntary Export Restraint
* Local content

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