Define the four basic types of trade barriers.

What will be an ideal response?

First, tariffs are excise taxes on imports. They may be used to collect revenue or government for they may be protective tariffs that are supposed to protect domestic producers from foreign competition. Second, import quotas specify the maximum amounts of imports allowed into a nation over a period of time. Third, non tariff barriers refer to licensing requirements, unreasonable standards, or bureaucratic red tape in customs procedures. Fourth, there can be voluntary export restrictions, which are agreements by foreign firms to “voluntarily” limit their exports to another nation.