International Trade* On the Iron Range in Northern Minnesota, about 2,000 miners

Question

International Trade* On the Iron Range in Northern Minnesota, about 2,000 miners have been laid off over the last couple years. These miners worked in taconite mines. Taconite is used to make steel. Currently the world has an excess of steel capacity due primarily to the slowdown in the Chinese economy. As China has shifted away from building more industry and focused more on building a consumer economy, their need for steel has dropped dramatically. As a result, the demand for taconite and iron ore has also dropped. With the drop in demand, miners are laid off. The miners have been aggressively pushing the national legislators from Minnesota to increase tariffs on imported steel and set import quotas.

If you were a senator from Washington State (a state with no mining or steel mills), would you support the increased trade barriers? Explain

Explanation / Answer

As a senator from Washington state we would not support the increased trader barrers that it definitely affect the growth of the economy. Also the main reason behind this was the demand will also decline and this will find difficult to trade outside the country.

As our view it is not a best or suitable idea to promote and find the correct one to achive the target.

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