Discuss national defense, infant industry, and strategic trade as arguments for protection.

What will be an ideal response?

National defense arguments can be made for certain products, such as oil, but the danger is that these arguments will be extended toward nondefense-related industries such as watches. The infant industry argument that young industries should be protected is rarely valid, since many industries must start in the red before being successful. The strategic planning argument asserts that we may need to protect our industries by retaliating for other countries’ transgressions. But if retaliation escalates, all parties lose.