Select any American industry and argue persuasively why protectionism is not only patriotic; it is essential...

Select any American industry and argue persuasively why protectionism is not only patriotic; it is essential for survival.

Expert Solution

The American Agro-industry is most vulnerable and it can not withstand the competition from the developing countries. The cost of production is relatively low in developing countries, so cheaper imports would reduce the profitability of the US agro sector.

The agro products are essential items for survival, these must be appropriately protected through the tariffs. the Dependency of the country on the imported agro-products would make economic system more fragile and external price shock would affect the economic well being negative way. Country must be self-sufficient in terms of agro products.

Apart from this, the present pandemic also highlights the importance of self-sufficiency in agro products. International trade has been hindered, so if a country is dependent on the import, then there will be sharp rise in the prices of food items. Agricultural sector employment elasticity is relatively larger.

Rahul Sunny answered 2 years ago

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