Tariffs, taxes on certain imports or exports, are often used by countries as a way to stimulate their economies. Occasionally, high tariffs are even used by a nation as a way of “punishing” another nation for engaging in what they perceive to be unfair trade policies. Recently, President Trump announced a plan to impose tariffs on steel and aluminum imported from foreign nations. Trump claims these tariffs are necessary to protect the United States steel industry.
Critics of these proposed tariffs believe that they will actually be detrimental to the United States economy and steel industry. Rather than slowing or halting the import of foreign-made steel and aluminum, experts believe that the prices of these products will drastically increase. Because American-made products are already more expensive than foreign-made products, the consumer is likely to be hurt by this tariff.
Those in favor of the tariffs believe that they will give the United States steel industry a greater opportunity to compete with other nations. The U.S. consumer will almost always choose the brand with the lowest price, the U.S-made steel which will be far less costly because of the tariffs on foreign imports. President Trump believes these tariffs will protect the U.S. steel industry and create and preserve jobs in this country.
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