Suppose that representative I.M. Wright just delivered a passionate speech at your college on the topic of tariffs. He argues tariffs are needed to:
A. Provide revenues to protect our young industries
B. Encourage Americans to buy U.S made products because doing so is patriotic
C. Protect Americans jobs and wages
D. Help us to attain a favorable balance of trade and balance of payments.
Do you agree with Representative Wright? Evaluate each of his major points and decide whether you consider it valid or invalid. Be sure to justify your position. What are the counterarguments to his major points and why?