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Protectionism - Coggle Diagram
Protectionism
Tariffs
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Example
Trump tarrif: economic policy to reduce the United States trade deficit by shifting American trade policy from multilateral free trade agreements to bilateral trade deals.
Embargo
Definition
This is a total ban on a good, this may be done to stop dangerous substances
Example :
If someone owes the bank money and never pays the bank, the bank orders to take things away from them until they cover the debt.
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Quotas
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Example
the Organization of Petroleum Exporting Countries sets a production quota for crude oil in order to "maintain" the price of crude oil in world markets.
Subsidies
Definition
A final tool available to government for promoting domestic production over imports is the protectionist subsidy.
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