Definition

Noun: 1. Government policy of shielding domestic industries: The economic policy of imposing barriers, such as tariffs or quotas, on imported goods to make them more expensive or scarce, thereby giving an advantage to domestic producers competing against foreign companies.

Usage

This term is used in the context of economics, government policy, and international relations. It describes a deliberate strategy to intervene in free trade.

Examples: * The senator argued for increased trade protection to save jobs in the manufacturing sector. * Economists debated whether trade protection helps or harms the economy in the long run. * The policy of trade protection often leads to higher prices for consumers.

Advanced Usage

• "a plank of trade protection": A fundamental component or declared principle of a policy platform focused on protecting domestic industries.
  • The candidate made trade protection a central plank in his campaign platform.

Variants and Related Words

• Protectionism (n): The theory or practice of shielding a country's domestic industries from foreign competition by taxing imports. This is the broader doctrine from which policies stem.
• Protectionist (adj/n): (Adjective) Relating to the policies of protectionism. (Noun) A person who advocates for such policies.

Synonyms

• Import protection
• Commercial protection
• Economic protectionism (broader concept)

Related Terms (Not Synonyms)

• Tariff: A specific tax on imports, which is a tool of trade protection.
• Import quota: A direct restriction on the quantity of a good that can be imported, which is a tool of trade protection.
• Free trade: The opposite economic policy, involving the absence of such barriers.

Noun

1. the imposition of duties or quotas on imports in order to protect domestic industry against foreign competition
   • he made trade protection a plank in the party platform