On the other hand, it hampers American competitiveness and innovation.
Mildly disagree with this. Protectionism alone does not hamper innovation. For example, China's protectionism against American tech companies like Amazon and Facebook didn't do so because there was a complimentary policy in place to help develop alternatives. If America is never going to invest in electric cars properly, their automobile industry is not going to keep up, protected or not.
True, but with protectionism, America's private industry loses even the slightest motivation to continue innovating. Also it increases the cost of things in America.
Mildly disagree with this. Protectionism alone does not hamper innovation. For example, China's protectionism against American tech companies like Amazon and Facebook didn't do so because there was a complimentary policy in place to help develop alternatives. If America is never going to invest in electric cars properly, their automobile industry is not going to keep up, protected or not.
True, but with protectionism, America's private industry loses even the slightest motivation to continue innovating. Also it increases the cost of things in America.