Embargo

Definition

An embargo is a government-imposed restriction or ban on trade, usually involving the prohibition of specific goods or services being imported or exported to/from a particular country. It aims to exert economic pressure and force political change.

Related terms

Trade War: A trade war occurs when countries impose tariffs, quotas, or embargoes on each other's goods as a way of retaliating against unfair practices or protecting domestic industries.

Sanctions: Sanctions are penalties imposed by one country or group of countries against another nation in response to policy violations, human rights abuses, or other offenses.

Mercantilism: Mercantilism refers to an economic system prevalent during the colonial era where countries sought to accumulate wealth by maximizing exports and minimizing imports through protectionist policies.