Abstract
Internationally, free trade implies the unrestricted flow of products and services across national borders. Free trade offers nations numerous advantages. Governments erect trade barriers and intervene in other ways that restrict or alter free trade. Protectionism refers to trade and investment barriers applied with the aim of defending domestic markets and industries. Tariffs and nontariff trade barriers are the main instruments of protectionism. A tariff is a tax imposed by government on imported goods. Tariffs have fallen over time, but many high in many countries. Nontariff trade barriers are government policies or measures that restrict trade without imposing a direct tariff or duty. Subsidies are financial or other resources that a government provides to a firm or group of firms. Governments undertake intervention to achieve several goals, including: to generate revenue, to achieve policy objectives, and to protect or support the nation's citizens or private firms.
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