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Introduction
A trade embargo is a governmental order to restrict trade of certain goods or all goods entirely with a foreign country. This typically stems from political differences between the two nations or economic circumstances that make commercial trade undesirable.
Abstract
Trade embargos restrict trade between countries for a variety of reasons. The most common reason is political conflicts between the nations. For instance, one nation doesn’t like the actions of another, so it decides to not allow the export or import of goods or services to or from that country.
One of the most notable examples of this embargo is the American Cuba embargo. The US government disagrees with the Cuban government and thus has cut ties with it making it illegal for US companies to trade with Cuba. The hope is that the lack of trade will hurt the Cuban economy and will force the Cuban government to comply with the US government.
Economic sanctions had a statistically significant impact on the target country's economy by reducing GDP growth by more than 2 percent a year. ... Imposing sanctions on an opponent also affects the economy of the imposing country to some degree.
Economic sanctions are commercial and financial penalties applied by one or more countries against a targeted self-governing state, group, or individual.[1] Economic sanctions are not necessarily imposed because of economic circumstances—they may also be imposed for a variety of political, military, and social issues. Economic sanctions can be used for achieving domestic and international purposes
However the economic embargoes or some type of political or economic sanction can be granted to weak countries to uphold the human rights and its records
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