non-tariff barrier (NTB)

Definition

A variety of types of barriers to trade where restrictions other than tariffs are set up such as quotas, embargoes, and levies. Oftentimes large economies use these types of barriers in order to restrict trade.

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The non-tariff barrier was intelligently used as part of the economic sanction package forced upon the rogue nation of North Korea.

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Stirring up much controversy, the President proposed a plan to start removing the non-tariff barriers currently in place against Iran.

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Large economic institutions such as the federal government may utilize non-tariff barriers to restrict incoming and outgoing trade from unofficial organizations and countries with undesirable stances toward American policy and democratic values.

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Nonstock Corporation nominal rate of protection