Trade protectionism refers to government policies and actions that limit or restrict international trade, often through the use of tariffs, quotas, or subsidies. It is a strategy aimed at shielding domestic industries from foreign competition.
Related terms
Tariff: A tariff is a tax imposed on imported goods, making them more expensive for consumers in the importing country.
Quota: A quota is a limit set on the quantity of goods that can be imported into a country during a specific time period.
Subsidy: A subsidy is financial assistance given by the government to domestic producers, reducing production costs and making domestically produced goods more competitive.