global trade policy

Global trade policy refers to the rules and agreements that countries establish to govern trade between them. It includes tariffs (taxes on imports), quotas (limits on the amount of goods), and trade agreements (like NAFTA or the EU) that foster cooperation. The aim is to promote fair competition, enhance economic growth, and improve access to goods and services worldwide. Through these policies, countries seek to balance protecting their economies while benefiting from international markets, ultimately impacting prices, jobs, and consumer choices in the process.