Government rules that attempt to promote domestic industry by raising the cost to consumers of purchasing imported goods.
Most Favored Nation (MFN) is a trade status granted by one nation to another, ensuring the lowest possible tariffs and the fewest trade barriers. This status fosters equal treatment in international trade, promoting economic cooperation and growth.
An open-door policy is a management practice that encourages open communication between employees and management, and a national trading stance that ensures equal treatment for foreign and domestic entities.
Protectionism encompasses economic policies designed to restrict imports of goods that compete with domestic producers. It aims to shield domestic industries from foreign competition, thereby enabling local businesses to thrive.
A tariff is a federal tax imposed on imports or exports, which can either be designed to raise revenue or protect domestic industries. Additionally, tariffs can refer to a schedule of rates or charges for freight.
