The term "protect industries" refers to the practice of implementing policies, such as tariffs or subsidies, to shield domestic industries from foreign competition and promote their growth and development.
Related terms
Tariffs: Tariffs are taxes imposed on imported goods to make them more expensive than domestically produced goods, thus giving local industries a competitive advantage.
Subsidies: Subsidies are financial assistance provided by the government to specific industries or companies in order to help them compete with foreign rivals or overcome challenges.
Protectionism: Protectionism is an economic policy that seeks to shield domestic businesses from global competition through measures like tariffs, quotas, or other trade restrictions.