Review:
Trade Barriers
overall review score: 2.5
⭐⭐⭐
score is between 0 and 5
Trade barriers are government-imposed restrictions on international trade, which can take various forms such as tariffs, import quotas, and subsidies.
Key Features
- Tariffs
- Import quotas
- Subsidies
- Embargoes
- Non-tariff barriers
Pros
- May protect domestic industries from foreign competition
- Can be used strategically to influence trade relationships
Cons
- Can lead to trade wars and retaliation from other countries
- May result in higher prices for consumers