The theory or practice of shielding domestic industries from foreign competition, often through trade barriers such as tariffs |
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Taxes or duties put on imported products or services. They raise the cost of imports so that locally manufactured products are less expensive and more appealing to consumers |
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Difference: extra revenue generated by a tariff goes to the domestic government
whereas trade quota the increased revenue is kept by the producers.
A trade quota is a government-imposed limit on the amount of product that can be imported in a certain period of time |
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Trade embargoes: Completely Banning trade between two countries |
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Trade Sanctions: Limiting trade of specific products or with specific companies or individuals. |
The World Trade Organization oversees the rules of global trade. Its purpose is to ensure that all forward Investments are reviewed to determine how they will benefit Canada.
- Laws restrict foreign investment in Canada.
The Bank Act, the Transportation Act, the Broadcasting Act, and the Telecommunications Act limit the amount of foreign ownership
Trade barriers exist when countries have different standards for the way products are used or how they perform.
Countries have different standards in areas such as environmental protection, voltage in electronic devices, and health and safety.
Different health and safety standards can also impede trade.
Time zones are another barrier to international trade
It can cause
disruption
miscommunication
non immediate feedback
There’s 24 time zones in the world
NOT form of protectionism
Knowt
Note
Studied by 13 people
