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TRADE RESTRICTIONS - Coggle Diagram
TRADE RESTRICTIONS
Types
Quotas
limits on the amount
global & country-specific
Tariffs
on imported goods & services
costs ↑
domestic industries + local production ↑
mixed-blessing
protective vs. revenue
Subsidies
the best type
tariff in reverse
Cartels
true evil
OPEC
Embargoes
ban on trade
particular country/ region
Sanctions
restriction on trade
economic activity
particular county/ group/ individual
Regulations
Local Content Requirements (LCR)
International Trade Organizations
World Trade Organization (WTO)
creating & strengthening confidence
free trade
regulation of trade relations
elimination of trade barriers
reduction of tariffs
European Union (EU)
BRICS
OPEC
EEC
6 countires
establishment of common tariffs
non-EEC countries
elimination of tariffs
EEC- countries