You continually hear in the news that the U.S. should impose tariffs on its imports. We...

You continually hear in the news that the U.S. should impose tariffs on its imports. We often also hear arguments of unfair trade. Is imposing import tariff a bad or good policy and why? Elaborate on the effects of tariff and protectionism with examples. State your view on this and support your position with at least one outside source.

Expert Solution

US president Trump is vigorously pursuing goal of protectionism. Trade war is going on between US and china. Both are imposing tariffs on each other. US is running trade deficit worth more than $ 400 Billion with China. it is matter of worry for policy makers. Hundreds of jobs have flowed out of US. Thus, such policy tools would help to maintain or create jobs at home. But side by side, consumers would be made to pay higher prices for products. Further, over the long run, cost of production would rise over the long run.

Economists argue that US economy would suffer the negative shock due to anti- trade policies of President Trump. There must be free play in international market. On other side, some scholars argue that there must be righteousness in policies. Some countries such china are manipulating trade through their undervalued currencies. China has deliberating kept its currency value low. it has caused loss on US economy. Thus, there must be tariffs on the such products that originate from China.

Rahul Sunny answered 1 year ago

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