Question

Who does protectionism protect? From what does

it protect them?

Short answer

Domestic producers from foreign competition

Step-by-step solution

Step 1. Meaning

A protectionismis a trade policy that allowed the government of the country to impose tariffs on foreign goods and services to protect or boost the domestic production of goods and services.

Step 2. Types

Types of protectionism

-Tariff

-Quotas

-Subsidies

-Standardization

Step 3. Advantages

-There would be More growth opportunities within countries for domestic players.

-Lower imports lead to more production possibilities within a country.

-More production needs more workers that enhance employment.

-More domestic production means higher GDP.

Step 4. Disadvantages 

-Segmentation of Technology advancement because we import less than lower stance in globalization.

-Choices would be Limited for consumers.

-Prices would be increased as consumers have limited choice.

-Less trade leads to economic isolation.