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 growth, and maintain national security by limiting the amount and types of goods that can enter a country's market.

Related terms

Tariffs:

Taxes imposed on imported goods, making them more expensive than domestic products to encourage consumers to buy locally.

Quotas:

Limits set on the amount of a specific good that can be imported over a set period, controlling supply levels from abroad.

Trade Barriers:

Any law or policy designed to limit or control international trade, including tariffs, quotas, embargoes, and standards regulations