Protectionism
Government policies protecting domestic industries from foreign competition.
Real World
When the US imposed 25% tariffs on Chinese steel imports in 2018 under Trump, it protected American steel producers like US Steel but raised costs for downstream manufacturers such as Ford.
Exam Focus
Evaluate both sides: protectionism helps domestic producers short-term but risks retaliation and higher consumer prices — always weigh both in 12-mark answers.
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