Discuss the various instruments of trade protection. Differentiate between quotas and tariffs.

• Ariffs

Tariffs are taxes imposed on products imported to a country from abroad. Tariffs generate income for the government, that’s why they used to be the most popular form of trade protection. Tariffs can be specific or ad valorem. If a fixed amount of tax is imposed on each unit of the imported good we talk about a specific tariff. Ad valorem refers to the value of the product, a fixed percentage of the value of the product must be paid when imported. Tariffs are less and less commonly used thanks to the negotiations of the GATT and the WTO.

• Quotas

Quotas are similar to tariffs in the sense that they limit importation, only a fixed amount of goods can be imported to a country from abroad during a certain period of time. Just like tariffs, quotas aim to increase prices in the home country __________ __________ ________ ____ ________ __________ _______.
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