Sometimes, excessive steps of a nation to protect domestic producers and employment can create a hostile trading environment. Some economists consider this type of protectionism creates more pain than gain. Please state an example of any personal impacts that you have experienced either due to free trade or trade wars in the recent past.

What would someone who supports protectionism likely say? A. The United States should end tariffs so consumers see more competitive prices on imported goods and services. B. The United States should end quotas so consumers can have greater access to more imported goods and services. C. The United States should increase subsidies to domestic producers so they can produce more at more competitive prices. D. The United States should pursue free trade agreements with all of the major trading partners to maintain peaceful relationships.

Explain the concept of comparative advantage and how it leads to gains from international trade.

What are some of the economic and noneconomic rationales governments use to intervene in trade? Discuss the advantages and disadvantages of protectionist policies.