Final answer:
An embargo involves a complete refusal of trade between two nations, exemplified by the recent Iran situation.
Explanation:
An embargo is when one nation refuses all trade with another, imposing restrictions on goods and services.
For example, the recent economic boycott of Iran by the United States and other countries due to its nuclear energy program is a clear instance of an embargo.
Tariffs, on the other hand, are fees imposed on moving goods between countries, not a complete refusal of trade like an embargo.
Learn more about Economic Trade Policies here:
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