The Blac & Bleu Book writing contest
When a nation takes an extreme protectionist approach towards things such as.
The creation and raising of tariffs and/or other trade barries in response to the other parties increased protectionism. Throughout history, the infamous great depression can be linked directly to trade wars”.
Let’s start this particular writing assignment with the definition of the term trade wars and how tariffs it can be triggered. Certain economic protections are most likely to trigger a trade war than others. Create a scenario based on two well planned economies in which one party palced an increase in tariffs on the other. The other party retialiates and a trade war is triggered. Participants are allowed to use real life cases so as long as proper citation is present.
- Trade wars and protectionism have been considered as, according to popular belief, the cause of some economic crises, in particular the Great Depression.
- Would you agree, why or why not. Explain your response with cited references. The Trump administration issued a series of tariffs. In January 2018, Trump imposed tariffs on solar panels and washing machines and later this year, he imposed tariffs on steel and aluminum. On June 1, 2018, the United States imposed a 25% tariff on imports of steel, and a 10% tariff on aluminum, on the European Union, Canada, and Mexico.
The tariffs angered trading partners, who implemented retaliatory tariffs on U.S. goods.
ON THE ROAD TO THE GREAT DEPRESSION
Do you believe, tha based ont the actions of the Trump Team, will they have a difficult time securing a according to Mr Trump, fair deal in the upcoming Nafta negotiations? What concession will have to be made by both parties? explain your answer. The tariffs measures were poorly received by the vast majority of economists; almost 80% of 60 economists surveyed by Reuters believed that tariffs on steel and aluminum imports would be a net harm to the U.S. economy.