Question

Respond to the following prompts in a post with a minimum of 250 words, then comment on at least TWO other posts. Respond to the posts indicating your agreement or disagreement with their position and why. Feel free to bring in additional references to these reply posts.

PROMPTS:

Many opponents of free trade use the following example to illustrate its negative effects: Joe Smith started the day early having set his alarm clock (MADE IN JAPAN) for 6AM. While his coffeepot (MADE IN CHINA) was perking, he shaved with his electric razor (MADE IN HONG KONG). He put on a dress shirt (MADE IN SRI LANKA), designer jeans (MADE IN SINGAPORE) and tennis shoes (MADE IN KOREA). After cooking his breakfast in his new electric skillet (MADE IN INDIA) he sat down with his calculator (MADE IN MEXICO) to see how much he could spend today. After setting his watch (MADE IN TAIWAN) to the radio (MADE IN INDIA) he got in his car (MADE IN GERMANY) filled it with gas from SAUDI ARABIA and continued his search for a good paying AMERICAN JOB. At the end of yet another discouraging and fruitless day he checked email on his computer (MADE IN MALAYSIA) then decided to relax for a while. He put on his sandals (MADE IN BRAZIL) poured himself a glass of wine (MADE IN FRANCE) and turned on his TV (MADE IN INDONESIA), and then wondered WHY he can’t find a good-paying job in America.

QUESTION: Should America encourage free trade with its trading partners or seek a more protectionist approach? Take a stand on this issue. It is not enough to argue BOTH sides of the issue. Support your opinion with good economic reasoning. Who benefits from your approach and who loses? Why? Include impacts on both American citizens and the citizens of the other countries with whom we (U.S.) trade. If your home country is outside the U.S. indicate the possible impact of your stand (favoring either free trade or trade protectionism) on your country. Some common search topics include employment, tariffs, quotas, and free trade agreements. Find a recent news article or editorial (past 12 months) that supports your point of view. Summarize the article, indicate how it supports your answer to #1, and include the URL.

EDIT:::::::: Can someone please help me out by explaining the prompt?

thanks in advance, Chegg friends.

Answer 1

Trade has it's own benefits as well as drawback also.trade occurs as all the products a country consume can't be produced efficiently.so the country imports it from others who is more efficient in this line of production.and he can only produce at which he is good.it is good for both the countries involving trade.that's why WTO speaks for free trade.but in many cases fully free trade is not occured.as government may restrict trade through quota or tariffs or sometimes both.when there is free trade then there may be a budget deficit due to the net import imbalance occurs which we usually can see in developing countries.there is also one drawback which is if all essential products are imported from other countries then in worse situations like war or cold war the importing country hugely affected.now if country try to import substitution goods produced at homeland then it can also increases the employment level in the country.and also the total output of the economy will increase.but many times import substitute goods are not good at quality compare to import goods so consumer has to sacrifice his utility.many times also import substitute goods are costlier than importing goods.so consumer now paying greater price but getting cheaper quality.

In nowdays we can see China is trying to dominate neighbour countries.in response India try to ban some chinese apps and try to decrease import from china.but India is hugely depend upon China's export like essential medicines and mechinary.but in current scenario India tries to import substitution but it is quite difficult now as for free trade for several years India is very dependent on China.so before at this like sitation comes country has to stop free trades and build some infrastructure by it's own.it decreases the dependent on other countries.as using this dependence China now try to occupy pakistan Nepal like countries as they are fully dependent on China.

So it free trade is not good at all.let us take another example.USA bans China origin company Huawei from USA with allegation that China is spying upon USA via Huawei.to stop this kind of situation free trade can't be accepted.