Protectionist Measures
Protectionist measures are government policies designed to restrict international trade to protect domestic industries from foreign competition. These measures can include tariffs, which are taxes on imported goods, and quotas, which limit the quantity of specific products that can be imported. By making foreign products more expensive or less available, protectionist measures aim to encourage consumers to buy locally made goods.
Supporters of protectionism argue that it helps safeguard jobs and promotes economic growth within a country. However, critics contend that such measures can lead to higher prices for consumers and may provoke retaliatory actions from other countries, potentially resulting in trade wars.