Re protectionist policies essay
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What's a Trade War? The Arguments For and Against Protectionism
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Trump's economic policies: protectionism, low taxes and coal mines
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In other projects Wikimedia Commons. Since Smoot-Hawley, most countries have been antiprotectionist. They realize protectionism lowers international trade for everyone. One of the strongest tools in antiprotectionism is the free trade agreement. It was between the European Union and the United States. But the Trump administration has not pursued it. But FTAs don't eliminate protectionist measures like subsidies or currency wars. In a global economy, protectionism is damaging for everyone.
By using The Balance, you accept our. Glossary Trade Policy. By Kimberly Amadeo. Article Table of Contents Skip to section Expand.
Four Protectionist Policies. The Bottom Line. Continue Reading. It has come to be generally recognized that unemployment is far more efficiently dealt with by the implementation of proper fiscal and monetary policies. A common appeal made by an industry seeking tariff or quota protection is that its survival is essential for the national interest: its product would be needed in wartime, when the supply of imports might well be cut off. Economists say instead that essential industries ought to be given a direct subsidy to enable them to meet foreign competition, with explicit recognition of the fact that the subsidy is a price paid by the nation in order to maintain the industry for defense purposes.
source url Many demands for protection, whatever their surface argument may be, are really appeals to the autarkic feelings that prompted mercantilist reasoning. Autarky is defined as the state of being self-sufficient at the level of the nation. A proposal for the restriction of free international trade can be described as autarkic if it appeals to those half-submerged feelings that the citizens of the nation share a common welfare and common interests, whereas foreigners have no regard for such welfare and interests and might even be actively opposed to them.
And it is quite true that a country that has become heavily involved in international trade has given hostages to fortune: a part of its industry has become dependent upon export markets for income and for employment. Any cutoff of these foreign markets brought about by recession abroad, by the imposition of new tariffs by some foreign country, or by numerous other possible changes, such as the outbreak of war would be acutely serious; and yet it would be a situation largely beyond the power of the domestic government involved to alter.
Similarly, another part of domestic industry may rely on an inflow of imported raw materials, such as oil for fuel and power. Any restriction of these imports could have the most serious consequences. The vague threat implicit in such possibilities often results in a yearning for autarky, for national self-sufficiency, for a life free of dependence on the hazards of the outside world. There is general agreement that no modern nation, regardless of how rich and varied its resources, could really practice self-sufficiency, and attempts in that direction could produce sharp drops in real income.
When a country imposes a tariff, foreign exporters have greater difficulty in selling their products.
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As their exports decline, they may cut prices in order to keep their sales from falling drastically.