Question

What is likely to happen if trade barriers are decreased between North American countries and other countries throughout the world?

Answer 1

Trade barriers being abolished would increase trade to a great extent the positive aspects would be that consumer would have a variety of choice to chose from and the trade barriers being abolished means no duties and taxes so the cost of the imported good would be the same in exporting and importing country hence a benefit to the consumer moreover it has negative aspects as well that no duties for the importing country and hence the local producers would be negatively affected as their sales would go down as people would be consuming more of imported good than domestic goods.