In: Economics
What industries in the US have been hardest hit by foreign competition? What are the potential threats to the UNITED STATES (NOT THE FOREIGN COUNTRY) if these industries fail altogether?
According to the stats of the labour department of the US, the apparel manufacturing industries, printing industries and electronic manufacturing industries was hit the hardest due to foreign competition. If all this industries fail together it will have following impact on the US:-
Thus failing of this industries altogether will give a big blow to the US economy, thus government must interfere and must impose import duties in order to sustain or safeguard the interests of the local industries.