ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Tariffs. Import tariffs are one of the top tools a government uses when seeking to enact protectionist policies.

Detailed explanation-2: -Antidumping policies are enacted by a nation in order to prevent the selling of goods in a foreign market at a price far below their production costs in order to gain a substantial share of that nation’s market.

Detailed explanation-3: -Trade protectionism is a policy that protects domestic industries from unfair foreign competition. The four primary tools used in trade protectionism are tariffs, subsidies, quotas, and currency manipulation.

Detailed explanation-4: -Higher tariffs will definitely lead to lower exports, lower imports and a lower rate of economic growth.

Detailed explanation-5: -protectionism, policy of protecting domestic industries against foreign competition by means of tariffs, subsidies, import quotas, or other restrictions or handicaps placed on the imports of foreign competitors.