Economic sanctions are economic penalties applied by one country (or group of countries) on another for a variety of reasons. Economic sanctions include, but are not limited to, tariffs, trade barriers, import duties, and import or export quotas. Economics (deriving from the Greek words οίκω [okos], house, and νέμω [nemo], rules hence household management) is the social science that studies the allocation of scarce resources to satisfy unlimited wants. ... A tariff is a tax placed on imported and/or exported goods, sometimes called a customs duty. ...

Economic sanctions are frequently retaliatory in nature. For example, in 2002 the United States placed import tariffs on steel in an effort to protect its industry from more efficient foreign producers, such as China and Russia. The World Trade Organization (WTO) ruled that these tariffs were illegal. The European Union threatened retaliatory tariffs on a range of US goods, forcing the US government to remove the steel tariffs in early 2004. Economic sanctions frequently result in trade wars. The World Trade Organization is the world governing body for trade disputes. For album titles with the same name, see 2002 (album). ... The steel tariff is a political issue in the United States regarding a tariff that President George W. Bush placed on imported steel on March 5, 2002 (took effect March 20). ... The World Trade Organization (WTO, French: Organisation mondiale du commerce) is an international, multilateral organization, which sets the rules for the global trading system and resolves disputes between its member states; all of whom are signatories to its approximately 30 agreements. ... A trade war refers to two or more nations raising or creating tariffs or other trade barriers on each other in retaliation for other trade barriers. ... For other uses of the initials WTO, see WTO (disambiguation). ...

Economic sanctions are not always imposed because of economic circumstances. For example, on May 13th 1998, the United States and Japan imposed economic sanctions on India, following its second round of nuclear tests. May 13 is the 133rd day of the year in the Gregorian Calendar (134th in leap years). ... 1998 (MCMXCVIII) was a common year starting on Thursday of the Gregorian calendar, and was designated the International Year of the Ocean. ... A nuclear test explosion is an experiment involving the detonation of a nuclear weapon. ...

The United Nations imposed stringent economic sanctions upon Iraq after the first Gulf War, and these were mantained partly as an attempt to make the Iraqi government co-operate with the UN weapons inspectors' monitoring of Iraq's weapons and weapons programs. These sanctions were unusually stringent in that very little in the way of trade goods were allowed into or out of Iraq during the sanction period (further information about these sanctions and their effects can be found at www.casi.org.uk. The sanctions were not lifted until May 2003, after the Iraqi president, Saddam Hussein, was overthrown. The United Nations (UN) is an international organization whose stated aims are to facilitate co-operation in international law, international security, economic development, and social equity. ... Combatants UN Coalition Republic of Iraq Commanders Norman Schwarzkopf Saddam Hussein Strength 660,000 360,000 Casualties 345 dead, 1,000 wounded 25,000 dead, 75,000 wounded The Gulf War (1990–1991) was a conflict between Iraq and a coalition force of approximately 30 nations[1] led by the... The United Nations Monitoring, Verification and Inspection Commission (UNMOVIC) was created through the adoption of United Nations Security Council resolution 1284 of 17 December 1999. ... Saddam Hussein Abd al-Majidida al-Tikriti (Arabic: ‎ [1]; born April 28, 1937[2]), was the President of Iraq from July 16, 1979 until April 9, 2003, when he was deposed during the United States-led 2003 invasion of Iraq. ...

See also

• Sanctions
  • Trade sanctions
  • Trade war
• Protectionism
• United States steel tariff 2002