Ture, president Obama's administration promoted a more dynamic approach to developing a grand strategy by employing a strategy of protectionism.
What is protectionism?
- Protectionism, also called trade protectionism, is an economic policy that restricts imports from other countries through methods such as tariffs on imported goods, import quotas, and many other government regulations.
- For example, if a US manufacturer makes goods domestically that are more expensive than those imported from abroad, the government can impose tariffs or import taxes that drive up the price of foreign-made goods.
- It is the government's protection of favored American producers from other producers and from American consumers.
- Protectionism is a particularly pernicious form of nepotism for two reasons.
- It is hidden under false claims that foreigners bear the costs.
- And it fosters the misconception that trade equals war.
- Protectionist policies allow national governments to encourage domestic producers, thereby imposing tariffs or restricting the entry of foreign goods and services into the market, thereby reducing the promote domestic production of.
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