Trade Protectionism
Trade protectionism refers to government policies that restrict international trade to protect domestic industries from foreign competition. This can include tariffs, which are taxes on imported goods, and quotas, which limit the amount of a specific product that can be imported. The goal is to support local businesses and jobs by making foreign products more expensive or less available.
Supporters of trade protectionism argue that it helps safeguard national security and promotes economic stability. However, critics believe it can lead to higher prices for consumers and reduced choices in the market. Overall, trade protectionism is a complex issue with both advantages and disadvantages.