Regulate Foreign Trade
Definition
This refers to the government's role in controlling and managing international commerce, including setting tariffs, quotas, and other trade policies.
Analogy
Think of regulating foreign trade like a school dress code. The school (government) sets rules about what students (countries) can wear (trade), such as no hats or short skirts (tariffs or quotas). These rules are designed to maintain order and fairness among all students (countries).
Related terms
Tariff: A tax imposed on imported goods and services.
Trade Agreement: An arrangement between two or more nations agreeing on conditions of trade between them.
Quota: A limit on the quantity of a particular product that can be imported or exported.
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