SSC MTS EXAM

Detailed explanation-1: -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.

Detailed explanation-2: -Protectionism refers to government policies that restrict international trade to help domestic industries. Protectionist policies are usually implemented with the goal to improve economic activity within a domestic economy but can also be implemented for safety or quality concerns.

Detailed explanation-3: -Tariffs, quotas, and other trade restrictions discourage imports of foreign products into a country. Tariffs are taxes on imported products. Quotas are limits on the amount of imported products. The ultimate quota is an embargo, which is a complete stop on the import or export of a certain product.