In the fall of 2014, China and the United States agreed to expand the Information Technology Agreement to drop tariffs on a number of technology products. This is an example of reducing protectionist measures.

Free trade policy.

Explanation:

Trade can be defined as a process which typically involves the buying and selling of goods and services between a producer and the customers (consumers) at a specific period of time.

In the fall of 2014, China and the United States agreed to expand the Information Technology Agreement to drop tariffs on a number of technology products. Therefore, this is an example of free trade policy reducing protectionist measures.

Free trade policy includes the adoption and implementation of tariffs and quotas between countries.

Trade policies tariffs and quotas will most likely benefit domestic producers of the protected good and harm domestic consumers of the protected good as they're made to pay for the consumption of imported products. Hence, under free trade there are more societal benefits due to the specialization of domestic goods.

Tariffs can reduce both the volume of exports and imports in a country.

In order to generate revenues, domestic government make use of tariffs while quotas do not generate any revenue for them.

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