1. Tariffs:

• Tariffs are taxes imposed on imports. They are intended to make foreign goods more expensive in the domestic market.
• The primary impact of tariffs is an increase in the price of imported goods, which can lead to higher revenues for the government and a reduced quantity demanded for those goods.
• Tariffs can also provoke retaliation from trading partners, potentially leading to trade wars and disruptions in global trade.

2. Quotas:

• Quotas restrict the quantity of a specific foreign-produced good that can be sold in the domestic market within a specified time frame.
• Quotas can lead to higher prices for imported goods, which can harm domestic consumers, as they are forced to pay more for the same products.
• They are often used to protect domestic industries from foreign competition and are a form of non-tariff barrier.

3. Export Subsidies:

• Export subsidies involve government intervention to encourage the export of goods rather than their sale on the domestic market.
• Subsidies can take the form of direct payments, tax relief, or preferential access to credit.
• The goal is to make domestic goods more competitive in international markets by lowering their prices.

4. Embargoes:

• Embargoes are complete bans on trade with specific countries or regions and are usually politically motivated.
• They are the most extreme form of protectionism, intended to isolate a country politically or economically.
• Embargoes can have severe economic and diplomatic consequences.

5. Excessive Administrative Burdens ('Red Tape'):

• Red tape refers to excessive administrative or bureaucratic requirements imposed on trade.
• These administrative burdens can include complex paperwork, documentation, and regulatory hurdles.