As we can see, the new value of imports is significantly lower, due to higher international prices. Domestic producers benefit from this, as those who could not compete with the previous world producers now can. However, domestic consumers are likely to lose out as higher prices will lower real income... Showed first 250 characters
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World producers lose out as less goods are being imported. Those domestic producers who are dependent on the good in question will incur higher costs of production ? e.g. if a tariff is placed on steel, those manufacturers who are dependent on steel are now paying a higher price for steel, meaning they are receiving lower profits... Showed next 250 characters
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The Politics of Trade in Steel
1. I believe the Bush Administrative had a good solid reason for imposing tariffs in March 2002 on steel imports. As of a result of that decision, Bush was able to maintain 160,000 jobs in America...
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Tariffs, taxes on imports, raise the price of imported goods, which increases the demand and price for the same goods produced by domestic suppliers. Revenues from tariffs are collected by the domestic government...
2 / 305
Dumping usually occurs in situations where producers in one country are trying to stay competitive with producers in another country but in this case, US shrimper John Williams argued that foreign shrimpers were trying to eliminate the producers in the US in order to gain a larger share of the world market...
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For economists, the benefits of free trade are explained by the theory of comparative advantage, which defined means a lower relative cost of production than someone else...
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International Trade Simulation
International trade is important because it provides people with more selection of goods and services to choose from. Free trade between countries not only encourages economic growth and freedom, it also promotes innovation and competition in the market...
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International Trade Simulation
What are the advantages and limitations of International Trade identified in the simulation?
The advantages and limitations of International Trade that was identified in this simulation is that the level of tariff that I have chosen to charge is higher than what is needed to equate the export price of watches in Rodamia to the market value of watches...
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It is true that trade restraints lead to higher steel prices which enhance the wages and profits in the domestic industry. However, other steel using sectors, such as auto manufacturers, construction, fabricated metal products, industrial machinery and food packaging, face higher costs...