Globalization in Business With History and Pros and Cons
One clear result of globalization is that an economic downturn in one country can have a domino effect on its trade partners. Globalization. Alex Dos Diaz / ...
protectionism
The think tank Peterson Institute for International Economics (PIIE) states globalization stalled after World War I. Nations moved toward <anchor>protectionism</anchor> as they launched import taxes to guard their industries in the aftermath of the conflict. This trend continued through the Great Depression and World War II until the U.S. took on an instrumental role in reviving international trade.
Protectionism: Examples and Types of Trade Protections
Protectionism: Examples and Types of Trade Protections

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Table of Contents

Expand

Table of Contents

- [What Is Protectionism?](#toc-what-is-protectionism)

- [Understanding Protectionism](#toc-understanding-protectionism)

- [Types of Protectionist Tools](#toc-types-of-protectionist-tools)

- [FAQs](#toc-what-are-examples-of-protectionism)

- [The Bottom Line](#toc-the-bottom-line)


- [Economy](https://www.investopedia.com/economy-4689801)
- [Economics](https://www.investopedia.com/economics-4689800)

# Protectionism: Examples and Types of Trade Protections

By

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Updated May 31, 2024

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Part of the Series

Global Trade Guide

Tariffs

1. [International (Global) Trade: Definition, Benefits, and Criticisms](https://www.investopedia.com/insights/what-is-international-trade/)
2. [What are Tariffs?](https://www.investopedia.com/news/what-are-tariffs-and-how-do-they-affect-you/)
3. [Tariffs and Trade Barriers](https://www.investopedia.com/articles/economics/08/tariff-trade-barrier-basics.asp)
4. [Trade Wars](https://www.investopedia.com/terms/t/trade-war.asp)
5. [How Would a Trade War Affect You?](https://www.investopedia.com/insights/how-would-trade-war-affect-you/)
6. [Who Has the Highest Tariffs?](https://www.investopedia.com/ask/answers/040115/which-countries-have-highest-tariffs.asp)
7. [Protectionism](https://www.investopedia.com/terms/p/protectionism.asp)
CURRENT ARTICLE


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1. [The Plaza Accord](https://www.investopedia.com/terms/p/plaza-accord.asp)
2. [Currency Wars](https://www.investopedia.com/articles/forex/042015/what-currency-war-how-does-it-work.asp)
3. [Factors Driving the USD](https://www.investopedia.com/articles/forex/09/factors-drive-american-dollar.asp)
4. [Emerging Markets: The Parts of Russia's GDP](https://www.investopedia.com/articles/investing/120615/emerging-markets-analyzing-russias-gdp.asp)
5. [How OPEC (and Non-OPEC) Production Affects Oil Prices](https://www.investopedia.com/articles/investing/012216/how-opec-and-nonopec-production-affects-oil-prices.asp)
6. [BRICS: Acronym for Brazil, Russia, India, China, and South Africa](https://www.investopedia.com/terms/b/brics.asp)
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## What Is Protectionism?

Protectionism refers to government policies that restrict international trade to help domestic industries. Protectionist policies are usually implemented with the goal of improving economic activity within a domestic economy but can also be implemented for safety or quality concerns.

### Key Takeaways

- Protectionist policies place specific restrictions on international trade for the benefit of a domestic economy.
- Protectionist policies typically seek to improve economic activity but may also be the result of safety or quality concerns.
- The value of protectionism is a subject of debate among economists and policymakers.
- Tariffs, import quotas, product standards, and subsidies are some of the primary policy tools that a government can use in enacting protectionist policies.

Jiaqi Zhou / Investopedia

## Understanding Protectionism

Protectionist policies are typically focused on imports but may also involve other aspects of international trade, such as product standards and government [subsidies](https://www.investopedia.com/terms/s/subsidy.asp).

The merits of protectionism are the subject of fierce debate. Critics argue that over the long term, protectionism often hurts the people and entities it is intended to protect by slowing economic growth and increasing price inflation, making [free trade](https://www.investopedia.com/terms/f/free-trade.asp) a better alternative. Proponents of protectionism argue that the policies can help to create domestic jobs, increase [gross domestic product (GDP)](https://www.investopedia.com/terms/g/gdp.asp), and make a domestic economy more competitive globally.

## Types of Protectionist Tools

### Tariffs

Import [tariffs](https://www.investopedia.com/terms/t/tariff.asp) are one of the top tools that a government uses when seeking to enact protectionist policies. There are three main [countervailing import tariff](https://www.investopedia.com/terms/c/countervailingduties.asp) concepts that can be theorized for protective measures. In general, all forms of import tariffs are charged to the importing country and documented at government customs. Import tariffs raise the price of imports for a country.

Scientific tariffs are import tariffs imposed on an item-by-item basis, raising the price of goods for the importer and passing on higher prices to the end buyer. Peril point import tariffs are focused on a specific industry.

These tariffs involve the calculation of the levels at which point tariff decreases or increases would cause significant harm to an industry overall, potentially leading to the jeopardy of closure due to an inability to compete. Retaliatory tariffs are tariffs enacted primarily as a response to excessive duties being charged by trading partners.

### Import Quotas

Import [quotas](https://www.investopedia.com/terms/q/quota.asp) are [nontariff barriers](https://www.investopedia.com/terms/n/nontariff-barrier.asp) put in place to limit the number of products that can be imported over a set period of time. The purpose of quotas is to limit the supply of specified products provided by an exporter to an importer. This is typically a less drastic action that has a marginal effect on prices and leads to higher demand for domestic businesses to cover the shortfall.

Quotas may also be put in place to prevent [dumping](https://www.investopedia.com/terms/d/dumping.asp), which occurs when foreign producers export products at prices lower than production costs. An [embargo](https://www.investopedia.com/terms/e/embargo.asp), in which the importation of designated products is completely prohibited, is the most severe type of quota.

### Product Standards

Product safety and low-quality products or materials are typically top concerns when enacting product standards. Product standard protectionism can be a barrier that limits imports based on a country’s internal controls.

Some countries may have lower regulatory standards in the areas of food preparation, [intellectual property](https://www.investopedia.com/terms/i/intellectualproperty.asp) enforcement, or materials production. This can lead to a product standard requirement or a blockage of certain imports due to regulatory enforcement. Overall, restricting imports through the implementation of product standards can often lead to a higher volume of production domestically.

For example, consider French cheeses made with raw instead of pasteurized milk, which must be aged for at least 60 days before being imported to the United States. Because the process for producing many French cheeses involves aging for 50 days or less, some of the most popular French cheeses are banned from the U.S., providing an advantage for U.S. producers.

### Government Subsidies

Government subsidies can come in various forms. Generally, they may be direct or indirect. Direct subsidies provide businesses with cash payments. Indirect subsidies come in the form of special savings such as interest-free loans and tax breaks.

When exploring subsidies, government officials may choose to provide direct or indirect subsidies in the areas of production, employment, tax, property, and more.

When seeking to boost a country’s balance of trade, a country might also choose to offer subsidies to businesses for exports. Export subsidies provide an incentive for domestic businesses to expand globally by increasing their exports internationally.

## What Are Examples of Protectionism?

Common examples of protectionism, or tools that are used to implement a policy of protectionism, include tariffs, quotas, and subsidies. All of these tools are meant to promote domestic companies by making foreign goods more expensive or scarce.

## Is Protectionism Left-Wing or Right-Wing Politics?

Traditionally, protectionism is a left-wing policy. Right-wing politics generally support free trade, which is the opposite of a protectionist stance. Left-wing politics support economic populism, of which protectionism is a part.

## What Are the Arguments for Protectionism?

Lawmakers who favor protectionist trade policies believe that they protect jobs at home, help support and grow small companies and industries, and provide a layer of security to the nation.

## The Bottom Line

By implementing protectionist policies, such as quotas and tariffs, governments seek to protect domestic businesses from foreign competition. While this can help domestic businesses, it can hurt consumers in the form of higher prices. It can also lead to tense political relations between nations.

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1. U.S. Food & Drug Administration. “ [Joint FDA / Health Canada Quantitative Assessment of the Risk of Listeriosis from Soft-Ripened Cheese Consumption in the United States and Canada: Report](https://www.fda.gov/media/90488/download),” Page 88 (Page 103 of PDF).


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Part of the Series

Global Trade Guide

Tariffs

1. [International (Global) Trade: Definition, Benefits, and Criticisms](https://www.investopedia.com/insights/what-is-international-trade/)
2. [What are Tariffs?](https://www.investopedia.com/news/what-are-tariffs-and-how-do-they-affect-you/)
3. [Tariffs and Trade Barriers](https://www.investopedia.com/articles/economics/08/tariff-trade-barrier-basics.asp)
4. [Trade Wars](https://www.investopedia.com/terms/t/trade-war.asp)
5. [How Would a Trade War Affect You?](https://www.investopedia.com/insights/how-would-trade-war-affect-you/)
6. [Who Has the Highest Tariffs?](https://www.investopedia.com/ask/answers/040115/which-countries-have-highest-tariffs.asp)
7. [Protectionism](https://www.investopedia.com/terms/p/protectionism.asp)
CURRENT ARTICLE


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1. [The Plaza Accord](https://www.investopedia.com/terms/p/plaza-accord.asp)
2. [Currency Wars](https://www.investopedia.com/articles/forex/042015/what-currency-war-how-does-it-work.asp)
3. [Factors Driving the USD](https://www.investopedia.com/articles/forex/09/factors-drive-american-dollar.asp)
4. [Emerging Markets: The Parts of Russia's GDP](https://www.investopedia.com/articles/investing/120615/emerging-markets-analyzing-russias-gdp.asp)
5. [How OPEC (and Non-OPEC) Production Affects Oil Prices](https://www.investopedia.com/articles/investing/012216/how-opec-and-nonopec-production-affects-oil-prices.asp)
6. [BRICS: Acronym for Brazil, Russia, India, China, and South Africa](https://www.investopedia.com/terms/b/brics.asp)
7. [The Economy of Canada](https://www.investopedia.com/articles/investing/042315/fundamentals-how-canada-makes-its-money.asp)

Currency & Exchange Rates

1. [How Currency Fluctuations Affect the Economy](https://www.investopedia.com/articles/forex/080613/effects-currency-fluctuations-economy.asp)
2. [Devaluation](https://www.investopedia.com/terms/d/devaluation.asp)
3. [Manipulation](https://www.investopedia.com/terms/m/manipulation.asp)
4. [Revaluation](https://www.investopedia.com/terms/r/revaluation.asp)
5. [What is Fiat Money?](https://www.investopedia.com/terms/f/fiatmoney.asp)
6. [Yuan vs. Renminbi: What's the Difference?](https://www.investopedia.com/articles/forex/061115/yuan-vs-rmb-understanding-difference.asp)
7. [What Causes a Currency Crisis?](https://www.investopedia.com/articles/economics/08/currency-crises.asp)

Cryptocurrencies and Global Trade

1. [South Korea's Ties to Crypto](https://www.investopedia.com/news/why-south-korea-so-important-bitcoin-prices/)
2. [El Salvador Breaks Ground on Crypto](https://www.investopedia.com/el-salvador-accepts-bitcoin-as-legal-tender-5200470)
3. [Sweden Takes First Steps on Crypto](https://www.investopedia.com/sweden-takes-another-step-toward-a-digital-currency-5092069)

Commodities

1. [What is a Commodity?](https://www.investopedia.com/terms/c/commodity.asp)
2. [Tradable Commodities](https://www.investopedia.com/ask/answers/022315/what-are-tradable-commodities.asp)
3. [Commodities Index](https://www.investopedia.com/terms/c/commodityindices.asp)
4. [10 Countries With The Most Natural Resources](https://www.investopedia.com/articles/markets-economy/090516/10-countries-most-natural-resources.asp)
5. [What Causes Oil Prices to Fluctuate?](https://www.investopedia.com/ask/answers/012715/what-causes-oil-prices-fluctuate.asp)
6. [What is a Crypto Commodity?](https://www.investopedia.com/terms/c/crypto-commodity.asp)

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Related Terms

[Trade Wars: History, Pros & Cons, and U.S.-China Example](https://www.investopedia.com/terms/t/trade-war.asp)

A trade war arises when one country retaliates against another by raising import tariffs or placing other restrictions on the other country's imports.

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[Manipulation: Definition, Methods, Types, and Example](https://www.investopedia.com/terms/m/manipulation.asp)

Market manipulation is conduct designed to deceive investors by controlling or artificially affecting the price of securities.

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[Plaza Accord: Definition, History, Purpose, and Its Replacement](https://www.investopedia.com/terms/p/plaza-accord.asp)

The Plaza Accord was a 1985 agreement among the G-5 nations to depreciate the U.S. dollar relative to the Japanese yen and the German Deutschmark.

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[Basket of Goods: Definition, CPI Calculation, and Example](https://www.investopedia.com/terms/b/basket_of_goods.asp)

A basket of goods is defined as a constant set of consumer products and services valued on an annual basis and used to calculate the consumer price index.

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[International Chamber of Commerce (ICC): Definition and Activities](https://www.investopedia.com/terms/i/international-chamber-of-commerce-icc.asp)

The International Chamber of Commerce (ICC) is the largest global business organization representing over 130 countries.

[more](https://www.investopedia.com/terms/i/international-chamber-of-commerce-icc.asp)

[Depression in the Economy: Definition and Example](https://www.investopedia.com/terms/d/depression.asp)

An economic depression is a steep and sustained drop in economic activity featuring high unemployment and negative GDP growth.

[more](https://www.investopedia.com/terms/d/depression.asp)

Related Articles

[Trade Wars: History, Pros & Cons, and U.S.-China Example](https://www.investopedia.com/terms/t/trade-war.asp) [Currency Fluctuations: How They Affect the Economy](https://www.investopedia.com/articles/forex/080613/effects-currency-fluctuations-economy.asp) [Currency Crisis: What They Are, Examples and Effects](https://www.investopedia.com/articles/economics/08/currency-crises.asp) [The Basics of Tariffs and Trade Barriers](https://www.investopedia.com/articles/economics/08/tariff-trade-barrier-basics.asp) [Manipulation: Definition, Methods, Types, and Example](https://www.investopedia.com/terms/m/manipulation.asp) [Plaza Accord: Definition, History, Purpose, and Its Replacement](https://www.investopedia.com/terms/p/plaza-accord.asp)

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