While protectionism might seem appealing in the short term to protect domestic industries, it often leads to: Reduced competition: This can stifle innovation and efficiency. Higher prices for consumers: Tariffs increase the cost of imported goods. Retaliatory tariffs: Other countries may impose tariffs on exports, harming its export sector. Inefficient industries: Protected industries may not develop the competitiveness needed to thrive in the global market. These factors can hinder long-term economic growth and delay convergence with developed economies.