This essay is on international trade. Much of a nation’s economic health depends on its trade balances, and therefore any policy or economic decision that tends to improve the balance of trade in its favor.
Much of a nation’s economic health depends on its trade balances, and therefore any policy or economic decision that tends to improve the balance of trade in its favor. Therefore, any tariff that tends to improve the terms of trade will tend to improve the economy as a whole – although (as noted above) protectionists argue that the overall advantage achieved from improving the trade balance will be more than counterbalanced as the result of loss of competitiveness.
7. The effective rate of protection would be 200 percent.
8. Yes, a tariff imposed on U.S. oil imports (which would raise the price of those imports and in some ways mirror the current market conditions) would promote domestic energy development and conservation – assuming that the price of energy was increased by a large enough amount (and what this might be is hard to determine) and the American polity and administration believed that the tariff was likely to remain in place for a sufficiently long period of time that the investments required to reconfigure the energy infrastructure of the nation would be worth it.
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