a) Tariff barriers are not the only instrument to restrict trade and give protection to the domestic import competing industry.

In the context of international business, tariff barriers have traditionally been the most widely recognized instrument used by countries to protect their domestic industries from foreign competition. A tariff is essentially a tax imposed on imported goods, which increases their price in the domestic market, thereby making locally produced goods more attractive to consumers. While tariffs are indeed an important tool in international trade policy, they are far from the only means through which a country can protect its domestic industries and regulate international trade. Other instruments such as non-tariff barriers (NTBs), subsidies, import quotas, licensing requirements, and even currency manipulation also play significant roles in shaping the international business environment and safeguarding domestic industries.

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