Import Tariffs: These are taxes imposed on imported goods by the government of the importing country as a measure to control trade and protect domestic industries.
Trade Deficit: It occurs when a country imports more than it exports over a specific period, indicating an excess of foreign goods entering its market.
Comparative Advantage: This concept highlights how countries can benefit from specializing in producing certain goods or services more efficiently than others, leading to trade of foreign goods based on each nation's strengths.