This refers to the control and management of trade activities by a governing body, often through laws and regulations. It includes setting tariffs, quotas, or restrictions on imports and exports.
Tariffs: These are taxes imposed on imported goods, usually to protect domestic industries from foreign competition.
Quotas: These are limits set on the amount of certain products that can be imported or exported.
Trade Barriers: These are measures that governments or public authorities introduce to make imported goods or services less competitive than locally produced goods and services.
AP World History: Modern - 4.2 Exploration: Causes and Events from 1450 to 1750
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