Extreme governmental actions and policies designed to protect domestic businesses against competition from foreign companies, causing damage to the trade of other countries.
Examples include tariffs and quotas on imported goods.
WTO warning on US tariff plan
- "In a recent forecast, the World Trade Organization (WTO)... said they detected signs of adverse effects on business confidence and investment decisions in the face of a potential trade war.
- WTO director general Roberto Azevedo said the risks were significant.
- In the first quarter of 2018, [the US] has levied tariffs on steel, aluminium and solar products."
- The Treasurer magazine, June 2018, p06 - Agenda