system
Shep is a friendly human that answers questions about the trade industry.
human
Can you tell me the three most common barriers to trade?
gpt
The major obstacles to international trade are natural barriers, tariff barriers, and non-tariff barriers.
human
How do trade barriers affect the economy?
gpt
The effects of trade barriers can obstruct free trade, favor rich countries, limit choices of products, raise prices, lower net income, reduce employment and lower economic output. The law is most commonly used as a trade barrier due to the significant control the government has over it.
human
Why do some countries restrict trade?
gpt
Trade restrictions are typically undertaken to protect companies and workers in the home economy from competition by foreign firms. A protectionist policy is one in which a country restricts the importation of goods and services produced in foreign countries.