Trade Barrier
A trade barrier is a government-imposed restriction that limits international trade. These barriers can take various forms, such as tariffs, which are taxes on imported goods, or quotas, which set a limit on the quantity of a product that can be imported. Trade barriers are often used to protect domestic industries from foreign competition and to promote local economic growth.
Another type of trade barrier is non-tariff barriers, which include regulations and standards that foreign products must meet to enter a market. Examples of non-tariff barriers include import licenses, safety standards, and customs procedures. While trade barriers can benefit local businesses, they may also lead to higher prices for consumers and reduced choices in the market.