Answer the following questions based on the article (Amiti, Mary, Stephen J. Redding, and David E. Weinstein. 2019. "The Impact of the 2018 Tariffs on Prices and Welfare." Journal of Economic Perspectives, 33 (4): 187-210.)
Give your answers in the space provided below each question.
1. List protection measures that the U.S government implemented since the 1970s.
2. What are the impacts of the 2018 tariff imposed by the Trump administration?
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1). List protection measures that the U.S government implemented since the 1970s.Since the early 1970s, the U.S. government has implemented various protectionist measures for its industries and economy. Most US protectionist policies since 1970 have been implemented in the form of tariffs, quotas and voluntary export restraints (VER) as seen in the list below:
• 1971 – A 10% tariff imposed by President Richard Nixon on dutiable imports.
• 1977 – Quota imposed on shoe imports by President Jimmy Carter...
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