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

Trade protection refers to measures implemented by governments to restrict or regulate international trade to protect domestic industries from foreign competition. These instruments help ensure the stability of the domestic economy, safeguard jobs, protect infant industries, and preserve national security. Several instruments of trade protection are commonly used by countries to achieve these goals. Among the most significant of these are tariffs, quotas, subsidies, import licensing, and voluntary export restraints. Below, we will discuss these instruments in detail and differentiate between quotas and tariffs.

### Instruments of Trade Protection

1. Tariffs: A tariff is a tax levied on imported goods and services. It is one of the most straightforward forms of trade protection. Tariffs raise the cost of imported products, making them more expensive relative to domestically produced goods. This incentivizes consumers to purchase locally produced products, thus benefiting domestic industries. Tariffs can be either ad valorem (a percentage of the product's value) or specific (a fixed fee per unit of the product).

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