Isolationism and restrictions in trade. 3 main ways nations restrict trade. Tariffs —taxes on imports Revenue tariff is designed to raise money for government Protective tariff is designed to raise the price of imported goods.
What would be the result of taxing imports on domestic products? Would there be more or less? Would this be good for the economy?
Quotas—restricts the number of a good that can be brought into the country
What are reasons why a nation would have an embargo? Does the US have any embargos now? Why?