answer these questions within the post provided by the student:
When might an import restriction harm a country that enacted it? Why?
If trade restrictions aren’t in place how might it impact an economy?
Include at least one open-ended question in your response that you would like your peer(s) to respond to.
Peer Response:
Do you feel that trade restrictions should or should not be implemented? Yes, they should be implemented. Why? If there were no restrictions on trade items could get traded that could endanger the population or countries would import and export whatever they wanted when they wanted. They could decide to stop the trade of items that they know other countries rely on them for.
Cite a real-world example to support your opinion and ideas. In 2018 Donald Trump introduced billions of dollars in new tariffs on Chinese imports and threatened tariffs and other countries and return China retaliated by announcing tariffs on U.S. imported goods, like steel, and pork. Explain how this example supports your argument. It supports my argument because it states a real event that happened between two countries within a trading system.
Does anyone benefit from import restrictions? It is beneficial to Society it eliminates import and export tariffs. Is anyone harmed? Restrictions could hurt the welfare of society. Consumers? Will face the loss greater than any benefit obtained. Companies? Domestic companies are able to fire workers or shift production in order to cut costs.
References
Investopedia
The Basic of Tariffs and Trade Barriers by Brent Radcliffe and Michael J Boyle April 28, 2021
https://www.investopedia.com/articles/economics/08/tariff-trade-barrier-basics.asp
(Links to an external site.)
Gains from Trade Boundless Economics
Lumen
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