Phase IFoundation
Background
Overview
Understanding the tools of trade policy, their economic implications, and their role in international relations and global economic stability. India's own trade policy often involves balancing protectionist measures with free trade principles.
Trade protectionism refers to government policies that restrict international trade to help domestic industries. Tariffs, or import duties, are a primary instrument of protectionism, imposing a tax on imported goods and services to make them more expensive and less competitive than domestically produced goods.