Economic Protectionism

Economic protectionism refers to government policies designed to shield domestic industries from foreign competition. This is often achieved through measures like tariffs (taxes on imported goods), import quotas, or subsidies to local producers. The goal is to help local businesses grow and preserve jobs, especially against cheaper or more competitive foreign products. However, protectionism can also lead to higher prices for consumers and reduced choices, and may provoke retaliation from trading partners. Overall, it aims to promote national economic interests but must be balanced to avoid negative effects on trade and economic efficiency.