When no tariffs are imposed on all imports and exports, it is called:

Free Trade is an economic policy in which goods and services can be imported and exported without tariffs, quotas, or other government-imposed trade restrictions. It encourages the unrestricted exchange of goods between countries, promotes competition, reduces prices for consumers, and can improve economic efficiency through specialization. Many international trade agreements are based on the principle of free trade, although some countries may still apply limited regulations to protect strategic industries or address national security concerns.