Question

The United States uses government regulations, such as tariffs, embargoes, and import quotas, to limit the import of goods and services and protect their U.S. industries against foreign competition. This use of these regulations is known as ________.

1) export protectionism
2) trade protectionism
3) dumping
4) domestic protectionism
5) blocking

Answer 1

Trade protectionism is the use of government regulations to limit imports and protect domestic industries from foreign competition.

Step-by-step explanation:

When a government uses regulations such as tariffs, embargoes, and import quotas to limit imports and protect domestic industries from foreign competition, it is known as trade protectionism. The aim of trade protectionism is to shield domestic producers and workers from being outcompeted by cheaper imports.