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The main instruments or tools which are now a day used for achieving the objectives of commercial policy are as follows:
Custom duties may be discriminatory with respect to commodities of countries or it may be nondiscriminatory. When a country is pursuing a discriminatory tariff policy, it may give: (a) Preferential treatment by levying lesser custom duties upon the merchandize of some of the countries. (or); (b) Enter into an agreement with other countries for ensuring fair and equal treatment to the imports or exports of each member country. (or); (c) Join a common market where the merchandize of member countries are allowed free entry but the goods of other countries are subjected to tariffs.
(i) It is very flexible and can be adjusted by the administrative authorities without resorting to legal action. (ii) The home producers know in advance the total quantity of goods to be imported during a particular period, so they can regulate their output accordingly. (iii) It arouses less resentment than the custom duties from the consumers.