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International trade

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Imports, exports, tariffs, trade balances, and shared supply chains.

Issue discussion in preparation.

Principles

  • Judge trade policy by its effects on consumers, producers, productivity, security, and total costs.
  • Account for retaliation, supply-chain dependencies, and who ultimately bears tariffs or restrictions.

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Check your understanding

What belongs in a trade-policy comparison?
Only benefits to one selected industry.
Effects on consumers, producers, supply chains, security, and costs including possible retaliation.
The assumption that tariffs have no costs for domestic users.

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