Phase IFoundation
Background
Overview
Understanding the causes, mechanisms, and consequences of trade wars and protectionist policies is crucial for analyzing global economic trends, international relations, and their potential impact on India's trade policy, economic growth, and diplomatic engagements.
Protectionism refers to government policies that restrict international trade, typically through tariffs, quotas, or other non-tariff barriers, to protect domestic industries from foreign competition. Trade wars occur when countries impose such measures in retaliation to similar actions by their trading partners, leading to escalating trade barriers and often straining international relations.