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Protective Tariffs
Import taxes imposed by a country on foreign goods to protect domestic industries from competition by making imported goods more expensive.
Comparative Advantage
The capacity of an entity to generate a product or service with a lesser opportunity cost compared to others.
Protectionist Argument
The rationale for implementing trade barriers, such as tariffs and quotas, to protect domestic industries from foreign competition.
Dumping
Selling goods in a foreign market at a price below the cost of production or below the price in the home market, often to gain market share.
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