If a nation decides that it is receiving too many imports, at the expense of its domestic industries, it might consider adding tariffs (taxes) to the import goods.

This philosophy is calledprotectionism.

What is YOUR opinion onprotectionism?Would you be in favor of adding tariffs to imports, in an effort to protect domestic production?

Why or why not?What would be the benefit ofprotectionism?What would be the cost, to the consumer, ofprotectionism?