BS105-Unit1-EV - 1 Running head TARIFFS Tariffs Erica...

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1 Running head: TARIFFS Tariffs Erica Vazquez Broadview University BS105
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2 TARIFFS ABSTRACT Representative I. M. Wright has delivered a passionate speech at Broadview University on tariffs, and he argues tariffs are needed to (a) Protect our young industries, (b) Encourage consumers to buy U.S.-made products because it’s patriotic, (c) Protect U.S. jobs and wages, (d) and achieve a favorable balance of trade and balance of payments. I will evaluate each of his major points, and decide whether I agree and consider it valid.
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2 TARIFFS Representative I. M. Wright talks about how important tariffs’ are for the United States, so we have to break down the two types of tariffs. There are two kinds of tariffs: protective and revenue. Protective tariffs, which import taxes raise the retail price of imported products, so that domestic goods are more competitively priced. Revenue tariffs are designed to raise money for the government (Nickels, 2015, Pg. 78). The first argument Wright spoke about is tariffs are needed to protect our young industries. Tariffs protect the young industries, because they implement tax on foreign goods. When foreign goods are taxed it makes the mature industries want to buy from the young industries, because the domestic goods are now cheaper than the foreign goods (Marotta, 2013).
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