Homework: Free Trade versus Protectionism
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.
i. Assess why the U.S. government should protect the U.S. steel and aluminum industries. Are they infant industries?
ii. Evaluate the advantages and disadvantages of free trade and protectionism.
iii. 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.
iv. Are you in favor of free trade or protectionism? Explain your reasoning.
Format your homework according to the following formatting requirements:
i) The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
ii) The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
iii) Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.