i. Safeguarding against dumping: this may occurs especially where there is need to protect domestic customers and producers against poor quality / low priced or harmful goods from foreign markets.
ii. Correcting balance of trade/payment: deficit occurs where a country imports more than she export hence the need to reduce consumption of imports I the domestic market.
iii. Protecting home industries from foreign competition: some industries may experience high production costs during infancy stage. Allowing imports from well-established foreign producers may kill such industries.
iv. Strategic reasons: there are important industries, which need protection for food security, defense, or other strategic reasons. These industries may need protection from foreign competition.
v. Protecting the national culture: some goods may be forbidden / prohibited in order to protect the national culture.
vi. Creation of employment opportunities: some industries like the labor intensive may be needed to be protected in order to create employment opportunities.
vii. Conservation of foreign exchange: this may occur where there is heavy demand for foreign exchange arising from adverse balance of payment. The country may therefore adopt protectionist policy to conserve foreign exchange.
joseph rimiru answered the question on December 20, 2017 at 18:16
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