profits, unless they can come up with their own innovations

dumping selling internationally traded goods below their cost of production

economic union economic agreement between countries to allow free trade between members, a common

external trade policy, and coordinated monetary and fiscal policies

free trade agreement economic agreement between countries to allow free trade between members

General Agreement on Tariffs and Trade (GATT) forum in which nations could come together to negotiate

reductions in tariffs and other barriers to trade; the precursor to the World Trade Organization

import quotas numerical limits on the quantity of products that a country can import

national interest argument the argument that there are compelling national interests against depending on

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
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