The Impact of Protectionist Trade Policies on the Real Exchange Rate A protectionist trade policy, such as a ban on imported cars, shifts the net exports schedule from NX(ϵ)₁ to NX(ϵ)₂, which raises the real exchange rate from ϵ₁ to ϵ₂. Notice that, despite the shift in the net-exports schedule, the equilibrium level of net exports is unchanged.