protectionism

Definitions

The theory or practice of shielding a country's domestic industries from foreign competition by taxing imports.

An economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations.

Examples

The government's shift toward protectionism has led to higher tariffs on imported electronics.

Many economists argue that protectionism ultimately harms domestic consumers by limiting competition.

The trade agreement was designed to reduce protectionism and encourage freer exchange between the two nations.

Synonyms

isolationism trade barriers nationalism mercantilism tariffs import quotas economic nationalism

Antonyms

free trade globalization liberalization open markets free enterprise laissez-faire internationalism