Question

The United States uses government regulations, such as tariffs, embargoes, and import quotas, to limit the import of goods and services and to protect U.S. industries against foreign competition. ________ is the use of these regulations.

Answer 1

Answer:

Trade barriers

Explanation:

Trade barriers are government-imposed restrictions that regulate the volume of international trade. They are government policies aimed at protecting local manufacturers from unfair competition from cheaper imports. Trade barriers make imports uncompetitive by imposing tariffs or limit trade by implementing quotas or embargo.

Imports tariffs are taxes that traders pay for goods and services they import. The tax is usually a percentage of the value of the import. Its main purpose is to make the cost of the import more expensive in the local markets. Local products would then be able to compete with imports.

Embargo's and quotas restrict the volume to be imported. The government estimates the shortfall in local production that can be met with imports. The government permits traders to import only the required amount. Embargo's may sometimes ban the total importation of certain products.