***This is a International economics course*** Proponents of an open trading sys
ID: 1167354 • Letter: #
Question
***This is a International economics course***Proponents of an open trading system maintain that free trade leads to lower prices, the development of more efficient production methods, and a greater range of consumption choices. Reflect on this idea, and journal what you believe a free trade world would look like to you and your family.
Your journal entry must be at least 200 words. No references or citations are necessary. ***This is a International economics course***
Proponents of an open trading system maintain that free trade leads to lower prices, the development of more efficient production methods, and a greater range of consumption choices. Reflect on this idea, and journal what you believe a free trade world would look like to you and your family.
Your journal entry must be at least 200 words. No references or citations are necessary.
Proponents of an open trading system maintain that free trade leads to lower prices, the development of more efficient production methods, and a greater range of consumption choices. Reflect on this idea, and journal what you believe a free trade world would look like to you and your family.
Your journal entry must be at least 200 words. No references or citations are necessary.
Explanation / Answer
My family consumes a lot of different goods which involves a lot of foreign imported to locally produced goods. Our normal day starts with a cup of coffee which are imported from Columbia and fresh eggs omelets which are locally produced.
From the cars to simple machinery goods all are produced in different parts of the world before being exported to the US. If we are promoting a free trade, lower tariff in the world trade it will be very easy beneficial for us. For example, the recent tariff hike on the Almuniums will increase the cost of everyday things and some bigger engineered goods like cars and heavy machinery.
The ongoing trade war with China will also force the Chinese to put up counter tariff on the US exports and it will make them costlier in the US. Forcing job losses in the US and further increasing the unemployment rate.
A world with free trade will allow the nations to benefit from their comparative advantage and ensure a better use of the resources. It will make thing cheaper and bring more incentive to the economy.
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