ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A nontariff barrier is a trade restriction–such as a quota, embargo or sanction–that countries use to further their political and economic goals.

Detailed explanation-2: -The main types of trade barriers used by countries seeking a protectionist policy or as a form of retaliatory trade barriers are subsidies, standardization, tariffs, quotas, and licenses.

Detailed explanation-3: -protectionism, policy of protecting domestic industries against foreign competition by means of tariffs, subsidies, import quotas, or other restrictions or handicaps placed on the imports of foreign competitors.

Detailed explanation-4: -Border blockades, demonstrations or attacks on trucks can create major obstacles to trade and cause serious economic loses. These physical barriers to trade do not stem from national technical regulations, but from the actions of individuals or national authorities.