4.2 Types of trade protection

• Tariffs affect markets and stakeholders through price, production, consumption, expenditure, revenue, and welfare effects

• Diagram: tariff effects on price, production, consumption, expenditure, revenue, and welfare

• Quotas restrict import quantity and affect price, production, consumption, expenditure, revenue, and welfare

• Diagram: quota effects on price, production, consumption, expenditure, revenue, and welfare

• Subsidies affect domestic producers, consumers, governments, foreign producers, and welfare

• Diagram: subsidy effects on price, production, consumption, expenditure, revenue, and welfare

• Administrative barriers include standards and regulations

• They can restrict trade without using tariffs or quotas directly