Types

Tariffs: taxes that are imposed on imported goods; a governmental tool used to protect domestic businesses from foreign competition.

Quotas: government-imposed trade restriction that limits the number or monetary value of goods that a country can import/export.

Subsidies: incentive given by the government to ​​individuals or businesses in the form of cash, grants, or tax breaks that improve the supply of certain goods and services.

Protectionism refers to government policies that restrict international trade to help domestic industries. Tariffs, quotas, and subsidies are often implemented to improve economic activity within a domestic economy.

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