trade policy JUST WRITTEN FOR YOU
/ˈtreɪd ˈpɒlɪsi/ · trade.pol.i.cy
noun
- A set of rules and regulations that govern international trade, including tariffs, quotas, and other trade barriers. The government's trade policy has been criticized for favoring domestic industries over foreign competitors.
- A country's overall approach to trade, including its trade agreements, tariffs, and other trade-related policies. The country's trade policy has been shaped by its historical relationships with its trading partners.
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Did you know? The concept of trade policy has been a subject of debate among economists and policymakers for centuries, with some arguing that protectionist policies can help domestic industries grow, while others believe that free trade is essential for economic growth and development.