What is the definition of protectionism?

Protectionism is defined as a policy of placing high taxes on imports. This approach is intended to protect a country's domestic industries from foreign competition by making imported goods more expensive compared to locally produced items. By imposing tariffs on imports, a country aims to reduce the volume of foreign goods in its market, encouraging consumers to buy domestically produced products instead. This can help stimulate local economies, preserve jobs, and support national industries.

In the context of the other options, encouraging free trade among nations goes against the principles of protectionism as it seeks to eliminate barriers to trade. Similarly, placing high taxes on exports would not align with protectionist strategy since it would discourage domestic producers from exporting goods. Lastly, promoting foreign competition contradicts the fundamental goal of protectionism, which is to safeguard local industries from being undercut by potentially cheaper foreign products.