Question

What are the criticisms of trade barriers and tariffs? Please consider your own project and briefly mention the conflicts you have learned about.

Answer 1

Trade barriers and tariffs are not favored by the economists because of the following reasons:

1. Trade barriers cause a limited choice of products and thus force customers to pay higher prices and accept inferior quality.

2. Trade barriers generally favor rich countries as these countries set international trade policies and standards.

3. Economists agree that trade barriers are detrimental and decrease overall economic efficiency as it leads to deadweight loss for the society.