What is the prisoner's dilemma in economics?

Two countries can have two choices in tariffs:

Raise tariffs to protect your goods. (betrayal)

Reach a tariff agreement with each other and reduce tariffs to facilitate the circulation of their respective commodities. (cooperation)

When one country does not abide by the tariff agreement for some reason and raises the tariff alone (betrayal), another country will make the same reaction (betrayal), which will lead to tariff war, and the goods of the two countries will lose each other's markets and also cause damage to their own economies (the result is betrayal). Then the two countries reached a new tariff agreement. (The result of repeated games is to find that cooperation with * * * is the most profitable. )