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Definition. Import quota that allows a limited quantity of specified merchandise into a country (or withdrawal of already imported merchandise from a bonded warehouse) for consumption at a reduced duty rate during a specified period. Also called tariff quota.
Lesson Description. Despite the advantages of free trade, many nations impose limits on trade for a variety of reasons. The main types of trade restrictions are tariffs, quotas, embargoes, licensing requirements, standards, and subsidies. Tariffs, taxes on imports, raise the price of imported goods, which increases the demand and price for the same goods produced by domestic suppliers. Revenues from tariffs are collected by the domestic government. Quotas put a legal limit on the amount that can be imported, creating shortages which cause prices to rise.