Question
What are the main instruments of Trade policy ? Explain in brief.
Answer :
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Skip in 10
Trade policy is a critical aspect of international business, as it dictates how a country engages in trade with other nations. The main instruments of trade policy include:
1. Tariffs: Tariffs are taxes imposed on imported goods. They can be specific (a fixed amount per unit) or ad valorem (a percentage of the value). Tariffs serve multiple purposes, such as generating revenue for the government, protecting domestic industries from foreign competition, and addressing trade imbalances.
2. Import Quotas: Import quotas restrict the quantity of a specific product that can be imported into a country during a specified period. Quotas are often used to protect domestic industries from excessive foreign competition and can lead to higher prices for imported goods.
3. Subsidies: Governments may provide
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