Economic sanctions are economic penalties applied by one country (or group of countries) on another for a variety of reasons. Economic sanctions include, but are not limited to, tariffs, trade barriers, import duties, and import or export quotas.Economic sanctions are frequently retaliatory in nature. For example, in 2002 the United Statesplaced import tariffs on steel in an effort to protect its industry from more efficient foreign producers, such as China and Russia. The World Trade Organization (WTO) ruled that these tariffs were illegal. The European Union threatened retaliatory tariffs on a range of US goods, forcing the US government to remove the steel tariffs in early 2004. Economic sanctions frequently result in trade wars. The World Trade Organization is the world governing body for trade disputes.
See more at Wikipedia.org...
1. economic penalties on foreign countries, such as prohibiting trade, stopping financial transactions, or barring economic and military assistance, used to achieve the goal of influencing the target nation e.g. US and Cuba. 2.restrictions upon international trade and finance that one country imposes on another for political reasons.
Free Download Now!
