Define trade protection with respect to international trade ?
1 answer
Trade protection refers to policies and measures implemented by governments to restrict or regulate trade in order to protect domestic industries from competition from foreign producers. This may include tariffs, quotas, subsidies, and other barriers to trade that make imported goods more expensive or difficult to access in the domestic market. The ultimate goal of trade protection is to safeguard domestic industries, jobs, and economic interests from unfair or harmful competition from foreign countries.