Asked by David Williams on May 11, 2024
Verified
A U.S. tariff on oil would reduce imports and raise the price of U.S. oil products.
U.S. Tariff
A tax imposed by the United States government on imported or, less commonly, exported goods.
Oil
A viscous liquid derived from petroleum, mainly used for fuel, heating, and lubrication.
Imports
Products or services imported into a country from overseas for the purpose of selling.
- Investigate the repercussions of applying tariffs and trade strategies on national markets, especially in terms of changes in prices, the amount of imports, and the supply and demand of commodities.
Verified Answer
GK
Gilla KavithaMay 18, 2024
Final Answer :
True
Explanation :
A tariff on oil would make imported oil more expensive, leading to reduced imports and higher prices for oil products in the U.S. as domestic producers would face less competition and could raise prices.
Learning Objectives
- Investigate the repercussions of applying tariffs and trade strategies on national markets, especially in terms of changes in prices, the amount of imports, and the supply and demand of commodities.