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Free Trade Versus Protectionism

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Reference no: EM133184887

President Trump announced on March 1, 2018 that the U.S. government would impose 25% tariffs on imported steel and 10% tariffs on imported aluminum, which re-ignited the hot debate of free trade versus protectionism.

Assess why the U.S. government should protect the U.S. steel and aluminum industries. Are they infant industries?

Evaluate the advantages and disadvantages of free trade and protectionism.

What would be the economic impacts of free trade and protectionism on the following aspects of U.S. economy: Prices, employment/unemployment, GDP, producers and workers, and consumers? For protectionism, you may refer to a particular case of the U.S. steel industry, aluminum industry, manufacturing industry, automobile industry, or any other industry.

Are you in favor of free trade or protectionism? Explain your reasoning.

Reference no: EM133184887

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