Tariffs In The United States
Economics is the science that measures a country’s wealth. And by wealth we mean financial wealth, in another words production and consumption of goods and services wealth. Economists measure the wealth of a country by measuring the GDP (gross domestic product) of this country. higher GDP means higher profit for almost all the businesses that are in that particular economy, and of course lower unemployment rates too. And to keep a country’s GDP high, the government of this country, in our case the United States, needs to help the businesses in it to grow. Promoting the domestic production of the United State will boost the United States’ GDP in another words will increase the wealth of the U.S, and that is the Main goal of the government. Tariffs, …show more content…
Tariffs are basically taxes levied by the government from imported goods. Based on the article Effect of Tariffs by the economic instructor at Greenes College, Tejvan Pettinger the idea of the tariffs is to increase the prices of the imported good for the consumers, so ultimately the consumers in the Unites States will demand the domestic goods because they would be at a lower cost than the imported goods . tariffs are divided mainly into two parts. The first one is the Specific Tariffs, which is a specific amount of money per imported item or unit. The second kind of tariffs called ad valorem taxes, and they are ¬¬tariffs that are based on a specific percentage of the value of the imported good. Just like the sale tax that we pay in Virginia that is based on a …show more content…
In another words, the demand on the domestic products will be higher than the foreign products because of the difference in the price range. U.S Businesses will indubitably increase production of their goods to meet the market demand, and that will eventually create more jobs and lower the unemployment rate of the United States.
Lastly, not only the government can support the infant businesses to grow, but also the big businesses can provide the support too by investing their profit in those small new businesses. For example, big U.S businesses like Wal-Mart and Home Depot that used to import goods from other countries now they buy the same goods but from U.S
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1363 Words | 6 PagesFamous economist, David Blanchflower, argued that this bill became “the most damaging piece of trade legislation in US history.” This tariff was not signed into law until June 17, 1930, with stocks being uplifted from the 1929 height, which makes it known as a backup factor. One of the reasons why 1,028 American Economics was because the tariff would raise the cost of living. With unemployment rising, less people were able to get jobs which made it harder to earn money. Second, was that farms wouldn't be helped because, “Cotton, pork, lard, and what are export crops and sold in the world market”.
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