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job losses in the domestic economy

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What is a drawback to international trade?

A significant drawback of international trade is the potential for job loss in domestic industries that cannot compete with cheaper foreign goods. This can lead to economic displacement and increased unemployment in certain sectors, contributing to social and economic inequality. Additionally, over-reliance on global supply chains can make countries vulnerable to international disruptions, such as geopolitical tensions or pandemics.


What is the meaning of customs drawback?

Customs drawback is a refund of customs duties paid on imported goods that are subsequently exported or destroyed. It is designed to encourage international trade by reducing the financial burden on businesses that import materials for manufacturing or processing before exporting the final products. The drawback is typically a percentage of the original duties paid and can help improve cash flow for exporters.


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The international trade is at peak right now. It is a sentence to show the status of trade in international market.


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International Trade Today was created in 1937.


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What has the author Stephen P Magee written?

Stephen P. Magee has written: 'International trade' -- subject(s): International economic relations, International trade 'International trade and distortions in factor markets' -- subject(s): Factor analysis, International trade