Give at least one argument for and one argument against protectionism.

People who favor protectionism believe that it preserves jobs, protects a nation's political security, discourages economic dependency on other countries, and encourages domestic industry. Those who oppose protectionism believe that it inhibits world trade and results in higher domestic prices on goods and services produced by protected industries. While the decreased supply may raise prices, the tariffs are a virtually certain way to do so.