Question

‘Industrial growth through trade protection’. Briefly explain this​

Answer 1

Answer:

Protection on trade occurs when countries impose restrictions on imports into the economy. It can be defined as nation or a group of nations working in conjunction as a trade bloc, creating trade barriers with the specific goal of protecting its economy from the possible perils of international trading.

Barriers to Trade. Protectionism takes three main forms: tariffs, import quotas, and nontariff barriers. Tariffs are taxes that a government imposes on imported goods and services. This makes imports more expensive for consumers, discouraging purchases of imports in favor or domestic substitutes.

While trade protectionism is used to promote a domestic economy, in a global economy, it is damaging to everyone. The four primary tools used in trade protectionism are tariffs, subsidies, quotas, and currency manipulation.

Explanation:

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Answer 2

Answer:

Protection on trade occurs when countries impose restrictions on imports into the economy. It can be defined as nation or a group of nations working in conjunction as a trade bloc, creating trade barriers with the specific goal of protecting its economy from the possible perils of international trading.

Explanation:

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