Isolationism and restrictions in trade. 3 main ways nations restrict trade Tariffs—taxes on imports – Revenue tariff is designed to raise money for government.

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Presentation transcript:

Isolationism and restrictions in trade

3 main ways nations restrict trade Tariffs—taxes on imports – Revenue tariff is designed to raise money for government – Protective tariff is designed to raise the price of imported goods

What would be the result of taxing imports on domestic products? Would there be more or less? Would this be good for the economy?

Quotas—restricts the number of a good that can be brought into the country

Embargo—a restriction on selling an item from a nation

What are reasons why a nation would have an embargo? Does the US have any embargos now? Why?

Protectionism -the idea that the US should have more trade restrictions

Why would people think that way?

Reasons for protectionism Job security (less competition means more jobs)

Reasons for protectionism National Security—the belief that more international trading is bad for our security

Reasons for protectionism Small businesses in the US would not be able to compete with large international companies

Are there any other reasons for protectionism you can think of?

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