What term describes the most common method of domestic market protection?

The term that describes the most common method of domestic market protection is tariffs. Tariffs are taxes imposed on imported goods and services with the intent to increase the cost of foreign products, making domestic products more competitive. By raising the price of imports, tariffs aim to protect local industries and jobs by encouraging consumers to buy domestically produced goods instead.

This practice is often employed by countries looking to stimulate their own economies or shield specific sectors from foreign competition. Tariffs also generate revenue for the government, adding another layer of importance to this mechanism in trade policy.

While non-tariff barriers exist, such as quotas, licensing requirements, and standards, they are generally considered to be supplementary methods of protection rather than the primary means. Free trade agreements aim to reduce or eliminate trade barriers, and trade sanctions are typically more about political strategy than protecting a domestic market. Thus, tariffs stand out as the foundational tool for domestic market protection.