27/05/2024
Tariffs and Trade Barriers/ Non-tariff Barriers
Tariffs: taxes imposed on “Imported Goods”, effectively raising their cost
(to protect domestic industries from foreign competition)
Trade Barriers / Non-tariff Barriers: Such as quotas and import licenses.
(to control the volume of trade)
Source : Alison - Free Empowerment Platform
Picture from www.quora.com
Ochi's Study Note