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Import quotas are trade restrictions imposed by a government that limit the quantity of a particular good that can be imported into the country during a specified time period. The primary purpose of import quotas is to protect domestic industries from foreign competition, stabilize local markets, and prevent trade imbalances. By restricting imports, governments aim to encourage local production, support employment, and enhance national security. However, import quotas can also lead to higher prices for consumers and potential retaliatory measures from trading partners.

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2mo ago

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