With all the focus on tariffs these days, it is easy to overlook the return of another tool used to limit imports: quotas. Both quotas and tariffs are used to protect domestic industries by artificially raising prices in the domestic market. Their administration and effects, however, differ in specific ways.
E-commerce allows us to order anything around the world with just an Internet connection and the click of a button. As digital trade has expanded, so have barriers like data localization. International trade rules are still racing to catch up with an increasingly digitally connected world.
Approximately one-third of the scrap recycled in the United States is exported. China is our largest customer.
In 2016, American ranchers sold $6.3 billion worth of beef overseas, finding its way into traditional meat dishes from yakiniku in Japan to tacos al carbon in Mexico, and bulgogi in South Korea. And now, thanks to a new trade deal, they can sell beef to China too.
MTTS Asia’s husband and wife co-founders set out to meet a healthcare gap in Vietnam, but they soon found they needed to scale by selling greater volumes in more markets. They are working to overcome non-tariff barriers to break into markets where low-cost innovative medical technologies are most needed.
Countries often use a variety of tactics to give their home-grown companies a leg up over foreign competitors, like requiring “skirts” on lawnmowers of competitors. These are non-tariff barriers.