What effects of a tariff and an import quota on international trade?

Tariffs and import quotas both restrict international trade but do so in different ways. A tariff imposes a tax on imported goods, increasing their prices and making domestic products more competitive, which can lead to reduced imports. In contrast, an import quota directly limits the quantity of a specific good that can be imported, ensuring that domestic producers maintain a certain market share. Both measures can lead to higher prices for consumers and potential retaliatory actions from trading partners.