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Chapter 7 Business

Global Business Today Chapter 7 Government Policy and International Trade

TermDefinition
free trade Trade between countries without restrictions.
General Agreement on Tariffs and Trade (GATT) A global treaty that reduced trade barriers and later created the WTO.
import tariff A tax on imported goods or services.
specific tariff A set fee charged per unit of imported goods.
ad valorem tariff A tax that’s a percentage of the imported good’s value.
export tariff A tax on goods being sold to other countries.
tariff rate quota Lower taxes on imports within a set limit, higher taxes on imports above it.
voluntary export restraint (VER) When the exporting country agrees to limit what it sends, usually under pressure from the importing country.
import quota A limit on how much of a good can be imported.
quota rent Extra profit made by sellers when imports are limited by a quota.
local content requirement (LCR) Rule that some part of a product must be made locally.
administrative trade policies Government rules or procedures that make imports harder or exports easier.
dumping Selling goods abroad for less than their production cost or market value.
antidumping policies Rules to stop unfairly cheap imports and protect local businesses.
countervailing duties Special taxes to offset dumping.
infant industry argument Young industries in developing countries should be protected until they’re strong enough to compete globally.
strategic trade policy Government actions to give local firms an edge in global competition.
Smoot–Hawley Act A 1930 U.S. law that raised tariffs on imports.
bilateral or multilateral trade agreements Trade deals between two or more countries.
subsidy Money or support from the government to help local producers.
export ban A rule that blocks or limits selling certain goods to other countries.
Created by: user-1986044
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