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Trump and his allies who endorse his trade policies argue that tariffs protect and bolster domestic markets, spurring homegrown producers to expand. They also see them as an economic weapon.
Protective tariffs are among the most widely used instruments of protectionism, along with import quotas and export quotas and other non-tariff barriers to trade. Tariffs can be fixed (a constant sum per unit of imported goods or a percentage of the price) or variable (the amount varies according to the price).
Protectionism, sometimes referred to as trade protectionism, is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations.
Tariffs against China’s unfair trade practices are an essential component. To Xi’s complaint that tariffs hurt China’s economy and Xi’s domestic popularity, ...
The answer is a global trade war and economic depression that would resemble the 1930s. Just Google the Smoot-Hawley Tariff Act of 1930 and its ramifications: worsening the Great Depression and ...
President-elect Donald Trump has made tariffs on foreign imports the central part of his economic plan for the country. ... But the use of tariffs has also caused trade wars, such as in the 1920s ...
Arguments for protectionism fall into the economic category (trade hurts the economy or groups in the economy) or into the moral category (the effects of trade might help the economy but have ill effects in other areas). A general argument against free trade is that it represents neocolonialism in disguise. [62]
Today's U.S. economy is much different than the one that was crushed by disastrous tariffs in the 1930s, according to finance professor Michael Pettis, who thinks tariffs could boost U.S. jobs ...