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General Agreement on Tariffs and Trade
An international treaty aimed at promoting international trade by reducing or eliminating trade barriers such as tariffs and quotas; it was replaced by the World Trade Organization (WTO) in 1995.
Voluntary Export Restraint
A self-imposed limitation by exporting countries on the volume of their exports of a particular good.
Subsidy
A financial contribution granted by a government or another entity to support an industry, business, or individual, usually intended to keep prices low, support an essential service, or encourage activities beneficial to the public interest.
Tariff
A tax imposed on imported goods to either raise state revenue or protect domestic industries from foreign competition.
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