📋 Definition: These are regulatory or legal barriers put in place to control or limit imports. Think of them like rules you must follow to enter a VIP club!

🎈 Types

• Health-related Standards: No icky stuff, please! Like the EU & UK not allowing chlorine-washed chicken from the USA.
• Environmental Standards: Keep the planet green! Car emissions standards can help combat climate change.
• Safety Standards: Protecting us from harm, like regulations on cars, chemicals, or kids' toys.
• Disguised Protectionism: Sometimes, these standards just make it harder for foreign goods to get in. Sneaky, right?

📝 Red Tape & Bureaucracy: Imagine having to fill out a gazillion forms before selling something! It's like the time in France when all Japanese video imports had to be inspected in Poitiers, causing massive delays.

Tariff Exercise 🏷️

Imagine your country adding an extra cost to foreign chocolate to protect local chocolatiers.

a. Check the graph for the size of the tariff. b. Pre-tariff volume = Find original demand minus original supply. c. Free trade spending = Pre-tariff volume × Original price. d. Domestic revenue = Quantity × Domestic price. ... f. Post-tariff imports = New demand minus new supply. ... j. Inefficiency = Lost consumer and producer surplus due to the tariff.