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Trade Barriers - Essay Example

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Trade Barriers Trade Barriers Introduction Various trade barriers have been put into operation by policy makers for several reasons, these trade barriers are applied by an economy with the intention of benefiting the economy but these barriers even have negative effects associated with them…
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Trade Barriers Essay
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Trade Barriers

Download file to see previous pages... Body The most common way of limiting the amount of imports into a country is to increase the taxes levied on imports. These taxes are increased by the government with the aim to ensure that the demand of local goods is promoted and the demand for international goods is decreased. When taxes on imports are increased, the cost of imported goods increases thus the domestic consumers find the locally produced goods cheaper which in turn aids local producers. One example of tariffs is the Tariff Act of 1930, this act was put into action to decrease imports and increase consumption of locally produced goods and services as the US was experiencing the Great Depression during that time (ILIAS, 2008, p.2). Tariffs are even levied on exports to limit the outflow of resources as well as locally produced goods, but these tariffs have mostly hurt local businesses due to which they are quite rarely applied. Another policy that has been put into position to reduce the imports of goods and services is restricting the amount of particular goods and services being imported. ...
Countries even use indirect means to restrict import of international goods and services. These restrictions are levied in face of standards of goods and services being imported by a country. For example: US have restricted imports of those goods and services in which child labour is involved. Due to this, those countries that use child labour to produce goods and services can not export their goods and services to US. The first world countries have a practice of dumping their old products or used products in third world countries at cheaper prices, due to which the locals of third world countries find these goods more favourable and they heavily import used products. The governments of third world countries have applied restrictions in form of quotas and tariffs to reduce the import of such goods and services to save their local businesses. Governments provides subsidy to local producers of those goods and services that are being heavily imported. This is done to decrease the cost of locally produced goods and services to make local goods and services much favourable than imported ones. The small companies of a particular country experience the highest risk if a country imports more, to strengthen local small businesses, governments provide loans and to small businesses so they can compete against international companies. Governments even indulge in the activity of providing subsidies to exporters to encourage them to produce more and export more. Subsidies help in decreasing the cost of production, due to which domestically produced goods do not only become favourable to local consumers, these goods even seem favourable to international consumers. Governments even go to the extend of controlling the ...Download file to see next pagesRead More
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