What was the rationale the United States used to justify imposing tariffs of 25 percent on imports of steel and 10 percent on imports of aluminum in 2018?

A. The U.S. Department of Commerce found that imports of steel and aluminum threatened United States national security.
B. The United States government wanted to protect the steel and aluminum industries until firms in those industries achieved lower production costs associated with scale economies.
C. The tariffs on steel and aluminum were in retaliation for China and Mexico imposing tariffs on U.S. exports of pork and other products to those countries.
D. The United States government determined that China, a major exporter of steel and aluminum to the United States, was able to charge a lower price in the U.S. market because of government subsidies provided to Chinese steel and aluminum producers.


Answer: A

Economics

You might also like to view...

What can be expected to happen in a country that enacts trade barriers?

A) The rate of population growth will decrease. B) The rate of economic growth will decrease. C) The rate of immigration will increase. D) The rate of technological innovation will increase.

Economics

The GDP gap measures the amount by which:

A. nominal GDP exceeds real GDP. B. actual GDP exceeds potential GDP. C. actual GDP exceeds national income. D. potential GDP exceeds actual GDP.

Economics

Elmo's gas station in El Paso only sells gasoline if customers also purchase its car wash service

A) This is called a tie-in sale and is in violation of antitrust laws. B) This is not in violation of antitrust laws, as cars need both gasoline and car wash. C) This is not in violation of antitrust laws, as consumers get the gasoline below market prices. D) This is in violation of the Robinson-Patman Act.

Economics

Changes in weather cause abrupt shifts in the food supply curve that result in price fluctuations.

Answer the following statement true (T) or false (F)

Economics