The topic I picked to research was trade sanctions. Trade sanctions are one of the many different trade barriers that countries usually use to protect their domestic market. They are penalties that are placed on a country by another country, usually at time where countries face a policy or political dispute. The penalties usually take the form of duties or tariffs. The 3 articles I found are: Iran looks to oil to ease the pressure of economic sanctions by Jason Rezaian, The power of sanctions between countries by Brent Radcliff, and Why sanctions on Cuba must remain by Jamie Suchlicki.
Summaries of Articles
In the article by Jason Rezaian, it shows how trade sanctions can impact a countries economy, whether it was through trade partner relationships or the economy. The articles stated that the United States and several countries within the United Nations have either completely stopped or are cutting back on their oil imports from Iran. The sanctions were placed there because of Iran and other countries like the US, disputing over their (Iran) nuclear programme. This negatively affects Iran’s economy because oil is their greatest export and accounts for more than half of the country’s revenue. Some countries such as Japan, China, and India, have received sanction waivers, meaning they could import the oil without having to impose said sanctions, if their purchases decrease with 6 months. Instead of declining purchases, China has increased it by more than 1.2% and in September alone they have increased 24% compared to the same quarter last year. This makes Iran’s new president and his cabinet happy because it gives them hope for the future by strengthening bonds with already established trading partners, and eventually getting rid of the sanctions altogether.
In the article by Brent Radcliff, it discusses the general effect of sanctions. It states the different types...