Free Trade
A trade policy that does not restrict imports or exports
Real World Example
In the early 21st century, free trade was important because it allowed countries to exchange goods and services without tariffs, which are extra taxes on imports and exports. During 2010-2019, free trade helped economies grow by encouraging international cooperation and making products cheaper for consumers. It responded to the problems of economic barriers that slowed down global business and limited access to a variety of goods. Today, free trade remains crucial as it can lower prices for everyday items like electronics and clothing by reducing import costs. For example, if your family buys a smartphone made in another country, free trade policies can help keep the price lower by avoiding extra taxes, making technology more accessible to everyone.
