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Essay text:
First, tariffs, import quotas, and tariff rate quotas are discussed. Then a series of non-tariff barriers to trade are examined, including voluntary export restraints, technical barriers to trade, domestic content regulations, import licensing, the operations of import State Trading Enterprises (STEs), and exchange rate management policies. Finally, the precautionary principle, an environment-related rationale for trade restrictions, and sanitary and phytosanitary barriers to trade are discussed.
Tariffs and Tariff Rate Quotas
Tariffs, which are taxes on imports of commodities into a country or region, are among the oldest forms of government intervention in economic activity...
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