Asked by Cristian Coronado on Jun 20, 2024
Verified
A U.S. tariff on steel would reduce imports and lower the price of U.S. steel products.
U.S. Tariff
Taxes imposed by the United States on imported goods to protect domestic industries and generate revenue.
Steel
A hard, strong alloy made primarily of iron and carbon, used extensively in construction and manufacturing.
Imports
Goods and services that are brought into a country from abroad for sale.
- Inspect how tariffs and trade rules influence internal market conditions, focusing on their impact on pricing strategies, levels of imports, and the demand and supply of various goods.
Verified Answer
AM
Andile MhlabaneJun 23, 2024
Final Answer :
False
Explanation :
A U.S. tariff on steel would reduce imports but increase the price of U.S. steel products, as domestic producers would have less competition and could charge higher prices.
Learning Objectives
- Inspect how tariffs and trade rules influence internal market conditions, focusing on their impact on pricing strategies, levels of imports, and the demand and supply of various goods.