There are seven main instruments used in trade policy with Tariffs being the oldest and the simplest.
A government's agreements, rules, and practices that influence commerce with other nations are referred to as its trade policy. Every country sets its own requirements for trade, including its tariffs, subsidies, and rules.
Bananas will be regarded as a new product if a policy change results in the import of bananas, which were not previously imported. Bananas from Ecuador will be referred to as a new variety if they were previously imported but imports from a new nation, like Ecuador, as a result of a change in trade policy.
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