Trade Wars Through Steel Tariffs
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Please read the Trade Related articles under "Other Readings" for this Week, before you answer the following questions. Remember to use concepts learned in Chapter 3 in your responses. ANSWER ALL PARTS OF THE QUESTION. You will lose points if you do not address all questions in this Discussion Board. NORMATIVE POSTS AND LATE POSTS WILL NOT BE GRADED.
Wikipedia, Newspaper Articles, Blogposts and Opinion articles online are NOT VALID REFERENCES. 5 point penalty for for each invalid reference.
We all have different emotions about the current President and his policies. I want you to suspend those emotions while you answer these questions. We are looking at this topic as Economists and regardless of emotion, we will complete our analysis based on facts and theories rather than emotions and feelings.
1. Our President has recently imposed Tariffs on Steel Imports. Find out what Steel Tariffs mean and explain in a couple of sentences what they are.
2. Which specific groups of population in the US will benefit from Steel Tariffs and which groups will lose out?
3. Will Steel Tariffs make Steel Products Cheaper or more expensive? Why or Why not? Use Economic analysis to respond.
4. How will countries that export Steel to the US react to these Tariffs?