Question

Recently, the United States imposed a 35 percent tariff on Chinese tire imports in the hopes of sustaining U.S. jobs in tire manufacturing. This addition of tariffs is an example of

Answer 1

Imposing the tariffs is an example of increasing protectionism.

What is protectionism?

Protectionism are the various policies enacted on by the government of a country with the aim of protecting local industries or local production.

When goods are imported from a foreign country, it has the potential to discourage local production as the imported good may be cheaper. Imposing tariffs would help in limiting the encroaching of foreign products.

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