Chapter 4 in our textbook describes the use of tariff regarding global tradings. Please answer the...

Chapter 4 in our textbook describes the use of tariff regarding global tradings. Please answer the following question:

Although tariffs may improve the welfare of a single nation, the worlds welfare may decline. Under what conditions would this be true? Provide an example in today's global marketplace where this situation is presently occurring.

In your response, please share your thoughts, refer to the textbook and at least one other independent peer researched source.

Chapter 4 in our textbook describes the use of tariff regarding global tradings. Please answer the following question:

Although tariffs may improve the welfare of a single nation, the worlds welfare may decline. Under what conditions would this be true? Provide an example in today's global marketplace where this situation is presently occurring.

In your response, please share your thoughts, refer to the textbook and at least one other independent peer researched source.

Expert Solution

tariff are the customised assesment to promote the import and export from country to country in this global environment.Tariffs are also called import obligation these obligation are implemented to save the import of the small countries so that big countries can,t be influence the global trade ,tariff may, diverse from nation to nation and country to country and it also depend on items they want to secure .

tariffrs are implemented for the development of the economy, forcing tariff on the countries WTO energise the economy.tariff may improve the welfare of a single nation and benifited to the pafrticular nation but it may decline the welfare of the world . there are some negative sides and disadvantages of tariffs . we will discuss these disadvantages below-

increase in the import price of the consumer - tariff may get benifited to a particular nation but it may increase the import prices of the commodity and that adversely effect the consumer .

other countries retaliate-tariff increase may protect their own industry but it may retaliate to other countries because it leads to the downward economic growth.

long term effect on the industry- experts says that if any country implement tariffs to supoort a industry it will negatively affect the industry in long term perspective and weaken the strength of that industry in long run.

slow the economic growth - protectionism can supoort the trade of the commodity and item but it may slow the economic growth which adversely affect the global economy .

jeff jeffy answered 2 years ago

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