Protectionism

Economics.

Central actions and policies designed to protect domestic businesses against competition from foreign businesses, or businesses external to a trading bloc.

Protectionism can be achieved by imposing tariffs or quotas on imported goods, or granting subsidies or tax advantages to domestic businesses.

The consequence of domestic protectionism, and tit-for-tat retaliatory measures by foreign countries, is to restrict international trade.

Escalated protectionism and retaliation is considered to be a 'trade war'.

See also

• Bloc
• Free trade
• Globalisation
• Harmonisation
• International trade
• Protectionist
• Quota
• Tariff
• Trade war
• Treaty
• Trumponomics