trade protectionism
Trade protectionism refers to government policies designed to restrict international trade to protect domestic industries from foreign competition. This can include tariffs (taxes on imported goods), quotas (limits on the quantity of goods that can be imported), and subsidies for local businesses. The goal is to support local jobs and industries, boost the economy, and maintain national security. However, protectionism can also lead to higher prices for consumers, retaliation from other countries, and a reduced range of products available in the market, potentially harming global trade relationships.
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Trade protectionism is an economic policy where a country restricts imports to protect its domestic industries from foreign competition. Governments may impose tariffs (taxes on imports), quotas (limits on the amount of goods imported), and subsidies (financial support for local businesses). The aim is to support local jobs and businesses, but it can lead to higher prices for consumers and strained trade relationships with other nations. While protectionism can help certain industries, it may also reduce overall economic efficiency and limit choices for consumers.
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Trade protectionism refers to government policies designed to shield domestic industries from foreign competition. This can include tariffs (taxes on imported goods), quotas (limits on the quantity of imports), and subsidies for local businesses. The idea is to support local jobs and industries by making imported goods more expensive or less available. However, while it can protect local economies in the short term, critics argue that protectionism can lead to higher prices for consumers, reduced choices, and potential retaliation from other countries, which can escalate into trade wars.