What are the key components of trade policy?
An example of an AI chatbot conversation about trade policy and its components.
What are the key components of trade policy?
Trade policy typically includes tariffs, trade agreements, import/export regulations, and trade barriers.
How do tariffs affect international trade?
Tariffs increase the cost of imported goods, which can reduce demand for those goods and protect domestic industries.
What is the role of trade agreements?
Trade agreements facilitate trade between countries by reducing tariffs and other barriers, promoting economic cooperation.
Can you give examples of major trade agreements?
Sure! Examples include NAFTA (now USMCA), the EU Single Market, and the Trans-Pacific Partnership (TPP).
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