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Quota:

Tariff: A tariff is a tax on imports. For example , in 1996 the US government imposed a 5.1-cent tariff on every wristwatch imported into the US. If 100 watches were imported, the US government collected $51,00. Quota:.

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Quota:

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  1. Tariff: Atariff is a tax on imports. For example , in 1996 the US government imposed a 5.1-cent tariff on every wristwatch imported into the US. If 100 watches were imported, the US government collected $51,00

  2. Quota: A quota is a limit on the amount of foreign good or service that may be legally imported. Some quotas are voluntary and governments impose some. In the 1980’s the Japanese agreed to export only a certain number of cars to the United States. For many years, the US government has imposed a quota on sugar.

  3. Embargo: • An embargo prohibits all trade with people and businesses in a specific country. The United States has imposed a longstanding trade embargo against Cuba due to human rights, political and economic differences between the two countries. (We will soon learn more about these issues)

  4. Subsidies: Subsidies are government payments to exporters. This payment helps reduce an exporter’s cost of production. For example, many countries subsidize the production of cold-rolled steel. Businesses in these countries can export their steel at a lower price than steel produced in the United States.

  5. Standards: Standards are safety, environmental, health , or other technical requirements set by a government. Imports must meet these requirements before they are allowed to come into the country. For example, in the 1900s the US banned the import of all French apples because of a concern over Med fly infestations.

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