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Unformatted text preview: Valid Arguments-Infant Industry- Temporary protection for new (baby) industries in developing countries Invalid Argument-Job saving- protecting jobs-Consumer surplus lost / 1 job saved o Autos - $180,00 /1 job o Steel- $1,000,000 / 1 job o Textiles- $43,000 /1job Smoot-Hawley Tariff (1930)-Average rate 59.1% over 12,000 products Reciprocal Trade Agreements Act (1934)-Congress authorized President to negotiate tariff reductions with other nations. Temporary 3 years...
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- Spring '10