Question: countries impose tariffs on imports for many reasons such as...
Countries impose tariffs on imports for many reasons such as to protect domestic industries, revenue stream and to balance trade. The US is discussing a tariff on some products from China, Mexico and other low cost countries where it appears "un-fair" trade practices are occuring. Answer the following questions assuming the US decides to impose a tariff on products such as cars and smart phones/computers?
1. Where has tarifffs worked and benefited a country and where they have failed?
2. What has happened to US based manufacturing of solar panels? What has occurred with China and US with this product such as "anti Dumping"
3. What products currently have tariffs and where?
4. How does tariffs impact the overall trade?
5. Other issues that could develop?