Protective Tariff: A duty imposed on imports to raise their price, making them less attractive to consumers and thus protecting domestic industries from foreign competition. Import Quota: An import quota is a limit on the quantity of a good that can be produced abroad and sold domestically. It is a type of protectionist trade restriction that sets a physical limit on the quantity of a good that can be imported into a country in a given period of time.
Nontariff barriers: Non-tariff barriers to trade (NTBs) are trade barriers that restrict imports, but are unlike the usual form of a tariff. Some common examples of NTB's are anti-dumping measures and countervailing duties, which, although called non-tariff barriers, have the effect of tariffs once they are enacted. Export Subsidies: Export subsidy is a government policy to encourage export of goods and discourage sale of goods on the domestic market through direct payments, low-cost loans, tax relief for exporters, or government-financed international advertising.
World Trade Organization: The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world's trading nations and ratified in their parliaments.
European Union: The European Union is a politico-economic union of 28 member states that are primarily located in Europe. The EU operates through a system of supranational independent institutions and intergovernmental negotiated decisions by the member states. North American Free Trade Agreement: The North American Free Trade Agreement (NAFTA) is an agreement among the United States, Canada and Mexico designed to remove tariff barriers between the three countries.
Trade Bloc: A trade bloc is a type of intergovernmental agreement, often part of a regional intergovernmental organization, where regional barriers to trade, (tariffs and non-tariff barriers) are reduced or eliminated among the participating states.
Gross Domestic Product (GDP): DEFINITION of 'Gross Domestic Product - GDP' The monetary value of all the finished goods and services produced within a country's borders in a specific time period, though GDP is usually calculated on an…