non-tariff barriers (NTBs)
Restrictions other than tariffs designed to reduce imports.
protection
Any government policy that interferes with free trade in order to protect
domestic firms and workers from foreign competition.
infant industry argument
The argument that new domestic industries with potential for economies
of scale or learning by doing need to be protected from competition from
established, low-cost foreign producers so that they can grow large
enough to achieve costs as low as those of foreign producers.
import quota
A restriction on the quantity of a foreign product that may be imported in
a given time period.
dumping
The practice of selling a product at a lower price in the export market
than in the domestic market for reasons unrelated to differences in costs
of servicing the two markets.
countervailing duty
A tariff imposed by one country designed to offset the effects of specific
subsidies provided by foreign governments.