What is a potential negative effect of protectionism on consumers?

Higher prices for goods is a potential negative effect of protectionism because when a government imposes tariffs, quotas, or other trade barriers to protect domestic industries, it often leads to reduced competition from foreign products. This limited competition can allow domestic producers to raise prices due to the lack of alternative options for consumers. Without the pressure of foreign competition, local companies may not have the same incentive to keep prices low, leading to an overall increase in the cost of goods for consumers.

In essence, while protectionism aims to support local businesses by restricting foreign competition, it can inadvertently lead to higher prices for consumers who may have to pay more for both domestic and imported products.