A system of free trade among states increases possibilities of voluntary exchange and the overall creation of wealth, creating powerful inducements to peace. The creation of barriers to trade contributes greatly to inter-country animosity, militarism, and subsequently peace has prevailed in these areas. Most economists believe that free trade is beneficial to all parties involved. Free trade promotes peace by eliminating reasons for military conquest in order to strengthen domestic economy. By using free trade, an overpopulated workforce can be eliminated, saving capital for firms as well as the government. Free trade also allows people and goods to move freely across borders, which both cultural and economic understanding between nations. Free Trade brings comparative and absolute advantages into play. As long as Free Trade is around restricted trade will exist. .
2) .
Dumping is an informal name for the practice of selling a product in a foreign country for less than either; a) the price in the domestic country or b) the cost of making the product. It is illegal in some countries to dump certain products into them, because they want to protect their own industries from such competition. Some consider dumping to occur when products are made available as imports at prices lower than the prices prevailing in the exporting country. Protection may be justified in these circumstances, but only if the clear intentions of foreign suppliers is to drive domestic suppliers our fo business.
3).
The definition of a Tariff is a list or schedule of customs duties generally imposed by a government on imports and sometimes on exports, to basically raise revenue. Tariffs duties are to protect the domestic industry and maintain a balance of trade. By promoting the reduction of tariffs in the sectors of the economy that are important to the US, industries will be able to expand and grow. Tariffs are generally used to protect domestic industries from foreign competition.