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It is good to know the pros and cons of international trading because it affects the world in several way A trade barrier is any regulation or policy that restricts international trade A trade agreement is a wide-ranging tax tariff and trade treaty that often includes investment guarantees The three most common trade agreements in the United States include North American Free Trade Agreement NAFTA European Union EU and The Association of Southeast Asian Nations ASEAN International trade agreements benefit the countrys economy in several different waysThe main trade restrictions consist of tariffs quotas embargoes standards and subsidies Tariffs are taxes imposed on imported goods at the port of entry There are two types of tariffs a revenue tariff and a protective tariff A revenue tariff is a tariff imposed chiefly to generate public revenue A protective tariff is a tariff levied on imports to protect the domestic economy rather than to raise revenue Tariffs are very easy to manage and collect because they are taxed at the port of entry Dutt 2012 It is not likely that a tariff can be evadedavoided because of the tariff being collected at that entry port Dutt 2012 If a country does not want a specific good imported tariffs can impose a very high rate of tariff on that specific good and reduce or even stop the importation on that good Dutt 2012 A quota is a physical quantity limit or maximum amount of a good that can be legally imported over a specific period of time What are Quotas - Economics 2013 If a quota is put on a good less of it is imported What are Quotas - Economics 2013 Quotas are used to benefit the producers of a good in a domestic economy at the cost of all consumers of the good in that economy What are Quotas - Economics 2013 Quotas restrict total supply and therefore increase the domestic price of the
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