Author(s): Emma Richter
Global trade plays a crucial role in economic development by fostering economic growth, enhancing productivity, and improving living standards. However, trade policies, particularly tariffs and trade agreements, significantly influence the flow of goods and services across borders. Tariffs, imposed to protect domestic industries, can sometimes hinder trade and economic efficiency, while trade agreements facilitate market access and economic cooperation. This article explores the impact of tariffs on international trade, the benefits and challenges of trade agreements, and their collective role in shaping global economic development. A balanced approach to trade policy is essential for fostering sustainable economic growth and global cooperation.