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CH 6: Nontariff Trade Barriers and the Political Economy of Protectionism
Terms in this set (53)
A direct quantitative restriction on trade
Nontariff trade barriers (NTBs)
Trade restrictions other than tariffs, such as voluntary export restraints; technical, administrative, and other regulations; as well as those arising from international cartels, dumping, and export subsidies
New forms of nontariff trade barriers
Voluntary export restraints (VERs)
Refer to an importing country inducing another country to "voluntarily" reduce its exports of a commodity to the importing nation under the threat of higher all-round trade restrictions
Technical, administrative, and other regulations
Non-tariff trade barriers such as safety, health, labelling requirements, and border taxes
An organization of suppliers of a commodity located in different nations (or a group of governments) that agrees to restrict output and exports of the commodity with the aim of maximizing or increasing the total profits of the organization. An international cartel that behaves as a monopolist is called a centralized cartel.
The export of a commodity at below cost or at a lower price than sold domestically
The continuous tendency of a domestic monopolist to maximize total profits by selling the commodity at a lower price abroad than domestically; also called international price discrimination
The temporary sale of commodity at a lower price abroad in order to drive foreign producers out of business, after which prices are raised to take advantage of the newly acquired monopoly power abroad
The occasional sale of a commodity at a lower price abroad than domestically in order to sell an unforeseen and temporary surplus of the commodity abroad without having to reduce domestic prices
The antidumping mechanism introduced by the United States in 1978 to protect its steel industry by imposing a duty on underpriced imported steel to make its price equal to that of the lowest cost foreign producer
The granting of tax relief and subsidized loans to potential exporters, and low-interest loans to foreign buyers of the nation's exports
A U.S. government agency that extends subsidized loans to foreigners to finance U.S. exports
Foreign sales corporations
The overseas subsidiaries set up by U.S. corporations to take advantage of partial exemption from U.S. tax laws
Countervailing duties (CVDs)
Tariffs imposed on imports to offset subsidies by foreign governments
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