Is a quota a tariff?

No, a quota is not a tariff. In the international trade context, a quota is a limit on the quantity of a particular good or product that can be imported into a nation. Quotas can be country-specific or global in scope. Tariffs, on the other hand, are a tax on goods or products entering a country. Generally, there is no limit to the quantity of products that can be imported under a tariff, as long as the tariff is paid for each item.

What is an import tariff rate quota?

An Import tariff rate quota is a combination of tariffs and quotas. A tariff rate quota (TRQ) applies to goods at a specific (low) rate up to a predetermined quota amount. Once the quota amount of the goods has been imported, the tariff rate increases to a higher amount. In other words, goods can be imported at a low tariff rate until the quote amount has been reached, at which point the tariff rate increases substantially.

What is the difference between tariffs quotas and embargoes?

Tariffs are taxes that governments place on imported goods of a specific type. Quotas are import limits that prevent more than a set amount of a specific good from being imported into a country. An embargo is a ban on the trade of a particular good, category of good, or with a specific country. The three types of protective measures may act in concert with one another or overlap in specific situations.