1. Tariffs are taxes imposed on imported goods.
2. Quotas set a limit on the quantity of a product that can be imported.
3. The primary purpose of a tariff is to make imported goods cheaper.
4. Tariffs can lead to trade wars if other countries retaliate.
5. Quotas generate revenue for the government just like tariffs.
6. Tariffs can protect domestic industries from foreign competition.
7. Quotas are more flexible than tariffs in managing trade volume.
8. Tariffs are easier to administer than quotas.
9. A country that imposes tariffs on imports may experience higher consumer prices.
10. Quotas can not result in supply shortages for certain imported goods.
11. Quotas can lead to favoritism, where certain importers receive more favorable treatment.
12. Tariffs are often criticized for reducing the overall efficiency of the global market.
13. Exporting countries usually support tariffs imposed by importing countries.
14. Quotas may encourage smuggling or illegal trade to bypass import limits.
15. Removing tariffs can decrease trade between countries.
16. A government may impose tariffs to retaliate against unfair trade practices by another country.
17. Quotas provide a predictable level of protection for domestic industries.
18. High tariffs can encourage foreign investment in a country.
19. Quotas are generally less effective at controlling the volume of imports than tariffs.
20. Trade policies can have unintended consequences, such as higher consumer prices.