The idea that governments should actively protect domestic industries from imports and vigorously promote exports represents:___.

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elainelytal7496 elainelytal7496

11-08-2022
Business

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The idea that governments should actively protect domestic industries from imports and vigorously promote exports represents:___.

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smecloudbird18 smecloudbird18 · Answer 1 · 2022-08-20T12:40:42+02:00

The idea that governments should actively protect domestic industries from imports and vigorously promote exports represents protectionism. Protectionism aims to strengthen domestic industry and insulate it from foreign competition through the use of limitations like tariffs. Consider .The president announced a 25% tariff on all imports of steel and a 10% duty on aluminium in May 2018.

Protecting native industry from unfair foreign competition is the goal of trade protectionism. Tariffs, subsidies, quotas, and currency manipulation are the four main instruments of trade protectionism. The goal of trade protectionism is to safeguard a country's crucial economic interests, such as its important industries, goods, and employment opportunities.

To learn more about protectionism, click here.

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