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Protectionism in the United States is protectionist economic policy that erects tariffs and other barriers on imported goods. This policy was most prevalent in the 19th century. At that time, it was mainly used to protect Northern industries and was opposed by Southern states that wanted free trade to expand cotton and other agricultural exports.
Protectionism, sometimes referred to as trade protectionism, is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations.
Policy Purpose Examples Potential Consequences Protectionist policies To help domestic firms and enterprises at the expense of other countries. Import quotas; local content requirements; public procurement practices; anti-dumping laws; Challenges levied at World Trade Organization, Free-trade area dispute resolution, and other trade forums
"An intensification of protectionist policies, for instance in the form of a new wave of tariffs, could exacerbate trade tensions, lower investment, reduce market efficiency, distort trade flows ...
The Tariff Act of 1930 (codified at 19 U.S.C. ch. 4), commonly known as the Smoot–Hawley Tariff or Hawley–Smoot Tariff, [1] was a law that implemented protectionist trade policies in the United States.
The country pursued a protectionist policy from the beginning of the 19th century until the middle of the 20th century, after the Second World War. [ 13 ] [ 12 ] In Report on Manufactures , which is considered the first text to express modern protectionist theory, Alexander Hamilton argued that if a country wished to develop a new activity on ...
Trump has been a vocal supporter of tariffs since the 1980s, and the protectionism policy played prominently in his first term. Trump has also discussed tariffs at length during his current run ...
Via industrial policy measures like the Infrastructure Investment and Jobs Act and Inflation Reduction Act and various executive actions, the Biden team expanded “Buy American” protectionism ...