key imports from other nations

nontariff barriers ways a nation can draw up rules, regulations, inspections, and paperwork to make it more

costly or difficult to import products

protectionism government policies to reduce or block imports

race to the bottom when production locates in countries with the lowest environmental (or other) standards,

putting pressure on all countries to reduce their environmental standards

World Trade Organization (WTO) organization that seeks to negotiate reductions in barriers to trade and to

adjudicate complaints about violations of international trade policy; successor to the General Agreement

on Tariffs and Trade (GATT)

Key Concepts and Summary

20.1 Protectionism: An Indirect Subsidy from Consumers to Producers

There are three tools for restricting the flow of trade: tariffs, import quotas, and nontariff barriers. When a

country places limitations on imports from abroad, regardless of whether it uses tariffs, quotas, or nontariff
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