Effects of Trade Barrier on Developing Countries
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I need help with a Economics question. All explanations and answers will be used to help me learn.
Select a developed country that has implemented a tariff, and a developing country that manufactures products that are impacted by that same tariff. The current US and China tariff “war” cannot be used since these are the two largest economies in the world. Investigate the impact of the trade barrier on the developing country’s business sector and quantify the impact, if possible. Would you recommend that the developed country eliminate the tariff? Explain your reasoning.
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Answer preview
Trade barriers help countries to encourage the internal development of goods while discouraging importation. An example of a trade barrier is the tariff on steel products that the government of the US implemented. The tariff…
(200 words)