Protectionism
Protectionist policies include tariffs (taxes on imports), quotas (quantity limits), subsidies to domestic producers, and non-tariff barriers (quality standards, certification requirements). All aim to reduce import competition.
Real World
The US–China trade war from 2018 saw Donald Trump impose tariffs on over $300 billion of Chinese goods, prompting Chinese retaliation — demonstrating how protectionism can escalate into costly trade conflicts that harm both sides.
Exam Focus
Structure protectionism answers by separating short-run benefits (jobs protected) from long-run costs (inefficiency, retaliation) to demonstrate evaluative thinking.
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