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.
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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?