What is trade protectionism and how does it hurt us? - Facts Tell
Trade protectionism has a long history. It is designed to protect domestic industries from foreign competition by imposing high tariffs, import quotas, or other policies that reduce the value of imports. Yet throughout history, reckless use of protectionism has failed to enrich the nation but led to technological stagnation, trade reduction, economic isolation, and inflation. Against the backdrop of globalization and the gradual integration of world economy, history tells us that trade protectionism is always fraught with risks and should be approached with caution.