Name and define three policy tools for enacting protectionism.

Three policy tools for enacting protectionism include: 1. Tariffs: These are taxes imposed on imported goods and services, making them more expensive for consumers and giving domestic producers a competitive advantage. Tariffs protect local industries and raise government revenue but may hurt international trade relations. 2. Import Quotas: These are restrictions on the quantity of goods that can be imported into a country during a specific period. Import quotas protect domestic industries from foreign competition but can distort markets, lead to inefficiencies, and provoke retaliation from trading partners. 3. Export Subsidies: These are financial supports provided by the government to domestic companies to promote their products in international markets. Export subsidies protect domestic market share and maintain employment but can lead to market distortions and unfair competition, and may be challenged by international trade organizations such as the WTO.