asked 42.0k views
3 votes
Recall the four reasons some people favor trade restrictions. Give an example from the U.S. economy that you think best fits each reasons

asked
User Joyston
by
7.7k points

1 Answer

6 votes

Answer: See explanation

Step-by-step explanation:

Trade restrictions simply means a way of protecting the local industries. This can be through imposition of tariffs on foreign goods, use of quota etc. The importance of trade restrictions are:

1. Trade restrictions are important in the protection of the infant indutries, that is, the young industries in a country that are just growing.

2. Trade restrictions is necessary to prevent dumping of goods. This mean selling of goods at lower prices or of low quality in a country. This gives such products an unfair advantage over other goods produced in the home country.

3. Trade restrictions is vital on order to protect the strategic indutries.

4. Trade restrictions is also vital in order to protect the jobs of the people in the country. When goods are imported rather than supporting local businesses, this can lead to unemployment as workers will lose their jobs.

answered
User Scott Carter
by
8.4k points

No related questions found

Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.