Overview
U.S. trade policy plays a crucial role in shaping the economy by regulating international trade through tariffs, trade agreements, and quotas. These policies can protect domestic industries but may also lead to higher prices for consumers and job losses in certain sectors. Understanding trade policy...
Key Terms
Example: The U.S. imposed a tariff on steel imports to protect domestic producers.
Example: NAFTA was a trade agreement between the U.S., Canada, and Mexico.
Example: The U.S. has import quotas on sugar to protect local farmers.
Example: The U.S. has a trade deficit with China.
Example: Protectionism can involve tariffs and quotas.
Example: Free trade agreements aim to reduce trade barriers.
Related Topics
Key Concepts
TariffsTrade AgreementsImport QuotasTrade Deficits