Trade Policy Terms

adjective relating to, affecting, or done by one side only

• The country made a unilateral decision to impose new trade tariffs.
• She decided unilaterally to cancel the meeting without consulting anyone.
• He went ahead and did it all by himself, totally unilateral.
• The artist's unilateral choice of colors created a striking contrast in the painting.

noun an economic theory and practice that promotes governmental regulation of a nation's economy for the purpose of increasing state power and building wealth through exports

• Mercantilism was an economic theory that dominated European trade policies in the 16th to 18th centuries.
• Back in the day, mercantilism was all about maximizing exports and accumulating wealth.
• Some people think mercantilism is just a fancy word for old-school capitalism.
• In the world of business, some still cling to the outdated principles of mercantilism.