Protectionism

Definition

Protectionism is the economic policy of restricting imports from other countries through methods such as tariffs, quotas, and other government regulations to protect domestic industries from foreign competition. It aims to preserve jobs, promote local industry, and maintain national security by limiting the amount of goods that can be imported.

Related terms

Tariffs: Taxes imposed by a government on imported goods to increase their price and make domestic products more competitive.

Quotas: Limits set by a government on the amount or value of a certain good that can be imported into a country, aiming to control the volume of trade.

Trade Barriers: Any regulation or policy that restricts international trade, including tariffs, quotas, and non-tariff barriers such as quality standards and bureaucratic hurdles