Question

Please list and specify the two types of trade barriers governments use in their Trade Intervention Policies.

Answer 1

Answer) Different types of trade barriers which are imposed by the government are Tariffs, Non-Tariffs, Quotas, Voluntary Export Restraints & Anti-dumping duties.

1) Tariffs: Tariffs are taxes that are imposed by the government on imported goods or services. Tariffs can be enforced to increase the cost of products to buyers in order to make them as costly or more valuable than local goods or services. In many cases, tariffs are used to safeguard local industries that could otherwise not match with foreign producers. Of course, the countries affected by those tariffs usually don’t like being economically deprived, which often leads them to impose their own tariffs to punish the other country (i.e. retaliatory tariffs).

2) Quotas: Quotas are limitations that limit the quantity or monetary value of particular goods or services that can be imported over a specific period of time. The notion behind this is to reduce the number of competitive commodities in local markets which increases the demand for local goods and services. This is usually done by administering government-issued licenses that enable companies or consumers to import a particular quantity of a good or service. Rather than just making it more difficult or costly to import goods, quotas actually restrict the number of products that can be traded. There is no way for foreign producers to circumvent such a quota. The most restrictive type of quota is an embargo, i.e. an entire ban of trade and/or commercial activity pertaining to a specified good or service.

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