Which of the following is a ‘barrier’ to foreign trade?

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Sales Tax

Tax on imports

Tax on local trade

High-income tax

answer is B.

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Detailed Solution

Taxes on imports are examples of trade barriers.
Another trade barriers are quotas, which are restrictions in the form of an upper cap on the quantity of a particular good that can be imported into a country. The government usually sets it up to promote local manufacturing or local goods in the market and avoid flooding of imported goods in the market. Higher taxes are levied on imported goods for similar reasons. The government can use trade barriers to increase or decrease foreign trade, the type and quantity of goods that can be feasibly allowed to reach the market of that particular country.

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