In what ways can a nation restrict the flow of imported goods?

Question

What will be an ideal response?

Answer 1

A government's policies toward public and private enterprise, consumers, and foreign firms influence marketing across national boundaries. Some countries have established import barriers, such as tariffs. An import tariff is any duty levied by a nation on goods bought outside its borders and brought into the country. Nontariff trade restrictions include quotas and embargoes. A quota is a limit on the amount of goods an importing country will accept for certain product categories in a specific period of time. An embargo is a government's suspension of trade in a particular product or with a given country. Embargoes are generally directed at specific goods or countries and are established for political, health, or religious reasons. Exchange controls, government restrictions on the amount of a particular currency that can be bought or sold, may also limit international trade. They can force businesspeople to buy and sell foreign products through a central agency, such as a central bank. Countries may limit imports to maintain a favorable balance of trade. The balance of trade is the difference in value between a nation's exports and its imports. When a nation exports more products than it imports, a favorable balance of trade exists because money is flowing into the country.