3 Paragraph response (20 points) Since World War II, steel manufacturing has bee

Question

3 Paragraph response (20 points) Since World War II, steel manufacturing has been the cornerstone American manufacturing. The same is true today, with the US steel industry producing over $100bn of steel each year, employing about 200,000 people. But, the flood of cheap steel imports from China undermines the foundation of the US steel industry and the US manufacturing industry as a whole. If we are to protect, grow and restore our great American manufacturing industry to its rightful place, imposing tariffs on steel imports from China is essential. In one, or at most two paragraphs, use material from class and respond to the above statement

Explanation / Answer

The economic theory related to tariffs also states that imposing tariffs in the short run to protect the home industry will not cause any harm to the economy rather it will help the domestic industry to come at par with foreign competition and then in the long run tariffs can be removed. Also, in case of Chinese steel industry, it has been blamed for dumping its product in the United States market whicg has harmed the domestic producers of steel. In this scenario, imposition of tariffs in the short run will protect the domestic firms from competition and help them to become more efficient and compete with Chinese firms in long run.

Thus, it can be stated that imposing tariffs on steel imports from China is essential if we want American manufacturing industry of steel to grow and restore and compete with Chinese industry.

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