noun
- the practice of protecting a country’s domestic industries from foreign competition by imposing tariffs or other restrictions on imports
Usage: economics
Examples
- The government’s protectionism helped local manufacturers compete with cheaper foreign goods.
- Many economists argue that protectionism ultimately hurts consumers by raising prices.
- The trade war was characterized by increasing protectionism on both sides.
- Critics claim that protectionism reduces economic efficiency and innovation.
- The country abandoned its protectionism policies in favor of open markets.
- Rising protectionism has made international trade negotiations more difficult.