I am sure you are all aware of the news headlines about new tariffs being imposed by the U.S. over the past year. However, many are often unaware of all the tariffs imposed by the United States and other countries, most often fueled by political reasons. (Links to an external site.)
Because of the complexities of trade, some organizations have reasons to be for or against certain policies.
However, we will consider the basic principles of international trade. Let’s think like an unbiased economist…. track the impact of a tariff. Assume that the world price of steel is lower than the domestic price of steel. In your write up describe:
What will a steel tariff do domestically to imports?
What will a steel tariff do domestically to prices?
What will a steel tariff do domestically to employment?
What will a steel tariff do domestically to consumer and producer gains/losses?
you need to provide a quality response that analyzes and coherently communicates your reasoning in more detail than you would for the discussion posts. Cite any sources you use for information. I am not getting picky on citation style, I just want to know where you pulled the information – title, author, date, URL (if applicable).