"Open door" trade refers to a policy or principle that advocates for equal access and opportunities for all nations to engage in trade with another country, without any discriminatory restrictions or preferences.
Imagine a store with an open door, welcoming customers from all walks of life. "Open door" trade is like allowing everyone to enter the store freely and have an equal chance at purchasing goods.
Free Trade: A system of international trade with minimal barriers such as tariffs, import quotas, and regulations.
Protectionism: Economic policies aimed at protecting domestic industries by imposing tariffs, quotas, or other restrictions on imported goods.
Trade Deficit: When a country imports more goods than it exports, resulting in a negative balance of trade.
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