protectionism
Protectionism is an economic policy and ideology favoring the use of tariffs, import quotas, subsidies, and other government restrictions to shield domestic industries from foreign competition. The objective is to preserve local employment, stabilize domestic markets, and maintain national economic self-sufficiency.
Protectionist policies may arise from nationalist, strategic, or social concerns, including the desire to safeguard critical industries, counter perceived unfair trade practices, or prevent a global race to the bottom in labor and environmental standards.
Contrast with free trade.
[Last reviewed in November of 2025 by the Wex Definitions Team]
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