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

Trade protection refers to the measures governments use to restrict or regulate international trade to protect domestic industries from foreign competition. Various instruments of trade protection include tariffs, quotas, subsidies, import licenses, and voluntary export restraints (VERs).

Tariffs are taxes imposed on imported goods, making them more expensive in the domestic ________ ______ ________ ____ ___ ______ _______ _____ ________ ________ ___.
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