In this article I will summarize the arguments for and against trade protection for US industries. Among the measures that can be used to limit foreign trade are tariffs and trade quotas. Industries can also gain non-tariff barriers, various laws that give an advantage to domestic products. In general, experts agree that limited foreign trade benefits domestic workers and businesses, while in a free trade regime consumers have a greater quantity and quality of choices. [1] I will also examine the arguments for and against NAFTA, a major trade agreement between North American countries. Tariffs are perhaps the most common way to limit, or at least slightly discourage, foreign imports. Tariffs are, quite simply, taxes on imported goods. The idea behind imposing tariffs on these goods is that it will cost more for foreign manufacturers to sell their goods in the United States. However, the fee is often passed on to the consumer. Even if the buyer can afford the cheapest American substitute for the product, the consumer is still deprived of fair choices among substitutes, which challenges fundamental market forces. So the anti-tariff argument goes. [2] However, tariff-based protectionism has its advantages. Due to currency price fluctuations, foreign exporters may sometimes charge unnaturally low prices for their products. This is called dumping and will significantly reduce the domestic competitor's sales. A tariff can be added to artificially increase the price of the foreign product. While this is to the detriment of consumers who want to buy the cheapest products, it benefits American companies and therefore can indirectly benefit cons… middle of paper… edcontent.com/article/1362775/tariffs_import_quotas_and_exchange .html?cat= 3. Accessed 02/03/10[3] Mike Moffatt. About.com: Economy. "Tariffs - The Economic Effect of Tariffs" http://economics.about.com/cs/taxpolicy/a/tariffs.htm. Accessed 02/03/10[4] Mike Moffatt. About.com: Economy. “Why are tariffs preferable to quotas?” http://economics.about.com/cs/taxpolicy/a/tariffs_quotas.htm. Accessed 02/03/10[5] Import quotas. "http://www.albany.edu/~aj4575/LectureNotes/Lecture21.pdf. Accessed 02/03/10[6] Turley Mings and Matthew Marlin, [The Study of Economics: Principles, Concepts, and Applications] (Dushkin McGraw -Hill, 2000) 413-414.[7] Walter R. Mears, "Clinton Expands Argument for NAFTA" [McCook Daily Gazette] September 27, 1993. Google News Archive id=btogAAAAIBAJ&sjid=TWsFAAAAIBAJ&pg=1352%2C2596344 Access 03/03/10