Tariffs And Trade Restrictions To Save Jobs

Part I of Essay
Pick up a newspaper, especially during a recession or other high unemployment times, and you will probably find at least one article a month about an industry complainig about "unfair" competition from foreign suppliers. If foreign brands were restricted in supply, the arg ....

Part II of Essay
.... Import restrictions can take several forms. Typically, Congress will use tariffs and quotas to protect a domestic firms from foreign competition. Tariffs are a monetary tax on each unit of an imported commodity. Quotas are a numerical limit on the annual quantity of particular imports. A more subtle form of protectionism is the minimum quality standard. In the generally rare cases in which the market cannot regulate product quality on its own, the government is justified in establishing such standards. However, this can be abused by req ....