Global protectionism is on the rise as governments face pressure to protect domestic jobs. Protectionist policies like tariffs restrict international trade and make local industries more competitive by raising import prices. However, protectionism also has drawbacks like higher consumer prices and retaliation from trade partners. The US-China trade conflict has escalated as the US imposed tariffs on Chinese goods and accused China of intellectual property theft, while China denies the allegations. The breakdown of multilateral trade organizations due to US actions threatens the rules-based global economic order.