Sunset Industry Argument

The Sunset Industry Argument is the argument that you can protect declining industries with protectionism. This usually occurs in developed countries.

Steel in the UK

Steel is going into decline in the UK, but it used to be a large industry. By putting tariffs on imported steel, it allows steel manufacturers in the UK to keep being competitive. This is good as it prevents structural unemployment, but it also means that steel becomes more expensive.

Alternatives

Alternatively, instead of protectionism, you could use Education and Training to retrain workers into an industry with a skills gap.