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6 Nov 2021
Introduction
Government-imposed trade barriers are limits on international trade. The concept of competitive advantage explains why economists feel trade barriers are inefficient and lower overall economic performance. The majority of trade restrictions work on the same principle: levying a trade price (in cash, effort, bureaucracy, or quotas) to raise the price or accessibility of traded commodities. A trade war occurs when two or more countries continually erect trade obstacles against one another.
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