Trade Restrictions

Trade Restrictions
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Although tremendous gains have been achieved with regard to global exchange and specialization, trade restrictions continue to impede international exchange. Various countries employ such trade restrictions to control their exchange with other economies. This paper will identify and explain three types of trade restriction besides determining which form is the most efficient CITATION Wil124 \l 1033 (McEachern, 2012).
The most common trade restrictions include tariffs, quotas and import licenses. To begin with, tariffs can be understood as taxes charged on goods or services being imported into a country. The amount of taxes charged on imports influence the price of the imported goods or services besides affecting the flow of exchange in a country. As such, tariffs can be used to raise or lo...