What are the primary arguments in favour of trade protection?

Trade protection is primarily advocated for to protect domestic industries, jobs, and national security, and to prevent unfair competition.

Trade protection, in the form of tariffs, quotas, and subsidies, is often seen as a way to safeguard domestic industries from foreign competition. This is particularly relevant for developing or 'infant' industries that may not be able to compete on an equal footing with established foreign competitors. By imposing tariffs or quotas on imported goods, the government can make domestically produced goods more competitive, thereby encouraging consumers to buy local products. This can help stimulate domestic production and growth.

Another key argument for trade protection is the preservation of jobs. When domestic industries are exposed to international competition, there is a risk that cheaper foreign goods will flood the market, leading to a decline in domestic production and potential job losses. Trade protection measures can help to prevent this by making foreign goods more expensive or limiting their quantity, thereby protecting domestic jobs.

National security is also a significant consideration. Certain industries are considered vital for national security, such as defence, energy, and food production. By protecting these industries from foreign competition, a country can ensure it remains self-sufficient in these critical areas and is not overly reliant on other nations. This is particularly important in times of international conflict or crisis when supply chains may be disrupted.

Lastly, trade protection can be used to prevent unfair competition. This can occur when foreign companies have access to cheaper labour or materials, or when they receive subsidies from their own governments, allowing them to sell goods at lower prices. By imposing tariffs or quotas, a country can level the playing field and ensure its domestic industries are not disadvantaged.

However, it's important to note that while trade protection can have these benefits, it can also lead to higher prices for consumers, inefficiencies, and trade wars. Therefore, the decision to implement trade protection measures should be carefully considered and balanced against these potential downsides.