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Protectionism - Coggle Diagram
Protectionism
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Embargo
Definition
An embargo is a government order that restricts commerce with a specified country or the exchange of specific goods.
Example
a strategic embargo prevents the exchange of military goods with a country, while an oil embargo prohibits only the trade of oil
subsides
Definition
subsidies can come in various forms. Generally they may be direct or indirect. Direct subsidies provide businesses with cash payments. Indirect subsidies come in the form of special savings such as interest free loans and tax breaks.
Example
An embargo is a government order that restricts commerce with a specified country or the exchange of specific goods.
quotas
Definition
quotas are non-tariff barriers that are put in place to limit the number of products that can be imported over a set period of time. The purpose of quotas is to limit the supply of specified products provided by an exporter to an importer.
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.
tariffs
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Example
On March 1, 2018, President Trump announced he would impose a 25% tariff on steel imports and a 10% tariff on aluminum