Restrictions imposed on goods and services imported into a country, which usually need to be paid for in the currency of the exporting country. This can cause a serious problem to the importing country's balance of payments, hence the need for restrictions, which include tariffs, import quotas, currency restrictions, and prohibition. Prohibition will also apply to preventing the importation of illegal goods (e.g. drugs, arms). The restrictions may also be imposed to protect the home industry against foreign competition (see protective duty) or during the course of political bargaining.
Subjects: Business and Management.