Which of the following is NOT one of the main instruments of trade policy?

Question

BlackTom AI · Accepted Answer

To analyze which item is not typically considered a main instrument of trade policy, let's evaluate each option in turn.
Option a: Voluntary export restraints. VERs are explicit agreements where exporting countries limit the quantity of goods exported to another country. They are commonly cited as a trade policy instrument used to manage imports and protect domestic industries, so this is a valid instrument.
Option b: Antidumping policies. Antidumping duties are imposed to counteract imports sold below cost in the domestic market, aiming to protect domestic producers from unfair competition. This is a standard tool in trade policy, so it is a valid instrument.
Option c: Local content requirements. Local content or domestic content requirements mandate a minimum share of locally produced inputs or components in a good. This is another well-known instrument used to influence trade and investment patterns, so it is a valid instrument.
Option d: National security. While national security can be invoked to restrict trade (for example, as a justification for certain emergency or strategic restrictions), it is not typically categorized as one of the core, standard instruments of trade policy like VERs, antidumping measures, or local content requirements. It functions more as a rationale or exception rather than a primary instrument designed to shape trade flows in normal policymaking.
In summary, options a, b, and c are recognized main instruments of trade policy, whereas option d is not considered a main instrument, though it may be used as a justification in some cases.

MGF2351 - S2 2025 Week 6 Quiz

Which of the following is NOT one of the main instruments of trade policy?

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