4) What Are The Advantages And Disadvantages Of Trade Protectionism?

Protectionism basically refers to all those policies that try to impose such practices that protect local firms so that they have some advantage over the foreign firms. Some advantages of the trade protectionism are:

• If a country’s local industry is not very strong, imposing trade barriers would make foreign goods expensive and this will provide a chance to the local firms to compete on the basis of price.


• The increased duties result in tax revenue for the government

The main disadvantages of protectionism are:

• The local firms are being protected and they are competing on price not the quality


• The artificial protection can work well for the products inside the country while it is of new use when the products will be exported; it’s a false sense of security.


• The consumers will be denied an easy access to high quality products.


• It is against the principle of free markets.

Advantage are: It protect infant industries, restrict damping of unuseful commodities,source of foreign currency, and it protect the importation of harmful commodities.
Disadvantages are:

Advantage:
Protects jobs and consumers from harmful pricing
Social dumping

Disadvantage:
Limites the market

Govt revenue can be spent on supply side policies in long term
protects domestic firms and keeps domestic demand high
stimulates domestic supply creating jobs
health and safety
environmental considerations

Looking at the advantages and disadvantages of trade protectionism, why or why not should the US increase trade protection to save American jobs and companies?

I do not know the advantages but without protection Trade might get pregnant .