What does beggar thy neighbor policy mean?

beggar thy neighbor policy meaning in Business Dictionary

That attempts to heal a country's stability of trade, rising prices, and jobless dilemmas by methods that harm the commercial passions of the trading partners. It typically takes the form of (1) restricting imports by quotas or by raising tariffs, (2) currency devaluation which makes imports more costly and exports less expensive, or (3) currency understanding that decreases domestic rising prices but makes its items more expensive in importing nations.