A tariff is a type of trade barrier imposed by a government that acts as a tax on imports. The tariff may be in the form of a specific or ad valorem tax.
A quota, which is a type of trade barrier, is a restriction on the quantity that can be imported into a country. Quotas and Tariffs are effectively the same except that governments collect revenue from tariffs while exporting firms can collect extra revenue from quotas.
The Washington Consensus refers to a set of free-market economic policies supported by prominent financial institutions such as the International Monetary Fund, the World Bank, and the U.S. Treasury. A British economist named John Williamson coined the term Washington Consensus in 1989.
The exchange rate of a currency is the price a currency expressed in terms of another currency. For example, $1 is worth €0.82 (07/15/12). The foreign exchange market is a market where people exchange currencies for other currencies.
Global labor arbitrage is where, as a result of the removal or reduction of barriers to international trade, jobs move to nations where labor and the cost of doing business (such as environmental regulations) are inexpensive.
Banks involved in commercial lending provide a wide range of financing packages for international trade, commonly called trade finance. Trade finance not only assists the buyer in financing its purchase but also provides immediate cash to the seller for the sale.