#Trade protectionism has a long history. It is designed to protect domestic industries from foreign competition by imposing high #tariffs, import #quotas, or other policies that reduce the value of #imports. Yet throughout history, reckless use of protectionism has failed to enrich the nation but led to technological stagnation, trade reduction, #economic isolation, and #inflation. Against the backdrop of globalization and the gradual integration of world economy, history tells us that trade protectionism is always fraught with risks and should be approached with caution.

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