Protectionism means by which trade between countries is restricted
in some way – normally through measures to reduce the number of imports coming
into a country. Main
means are: Tariffs, Quotas, Non-Tariff
Barriers
Protectionism
is done to restrict or restrain international trade with a view to protect
local business and jobs from foreign competition.
Pros
Variety
of goods availability, Protection of Dumping, Protection of domestic industries
Cons
Raise
costs, Damage the trading system, Retaliations can hurt export-import sections
