Essay

– 500 word essay on the economics principles found in these articles.
– Has to at least be 500 words be clear and concise
– Briefly summarize what is happening
– Id economic principles at play and how they impact the market.
– You are encouraged to draw a graph
– 1.5% added on top of your final grade for the class if done well.
– Will be submitted on Canvas as a word document or text entry

Article Summaries
The Trump administration raised the prospect of a global trade war by imposing tariffs on imports from its closest neighbors and allies, who swiftly pledged to retaliate with levies of their own. Related article 1: Many businesses around the globe expressed alarm Thursday over new U.S. tariffs on steel and aluminum, saying they will disrupt long-established supply chains, drive up consumer costs and harm U.S. exporters hit with retaliatory duties. Related article 2: The Trump administration’s decision to impose steel and aluminum tariffs against allies Canada and Mexico throws the latest wrench into talks to renegotiate the North American Free Trade Agreement. Related article 3: He starts a needless trade war with America’s best friends. Related article 4: Trade tensions are escalating after President Donald Trump imposed tariffs on steel and aluminum imports, and the possibility of a tit-for-tat trade war is growing-which could have an impact on jobs and confidence.

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Questions to help you write

– Classify the U.S. manufacturers that benefit from the Trump administration’s proposed tariffs. Classify the U.S. manufacturers that are harmed.
– What is the effect of U.S. tariffs on U.S. consumer surplus? Read Chapter nine if you need help
– What is the Trump administration’s goal in imposing tariffs on imports from Canada and the E.U.?
– What is a tit-for-tat strategy? Do trade wars involve these strategies?

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