I was not aware of the impact that tariffs have on imported goods, domestic producers, and domestic society. Tariffs force the importer to find a cheaper and domestic source of the good. They also only work if the quality of the good is up to standards and if the producer can keep up with demand. This also increases the risk of global trade war. Some recent tariffs that I found interesting were on solar panels and washing machines! Additionally there have been retaliation against the United States over tariffs from the European Union, Canada, and China. These countries are unhappy with our tariffs on steel and aluminum so they are implementing
tariffs as well. In my opinion none of this is a good idea, but later in the presentation we discussed real life scenarios that helped me understand a little better. My favorite part about all presentations is when I hear about real life experiences because it makes the topic much more interesting. James Walsh has been in the Pennsylvania Steel industry for many years. He spoke about how he was working at a company when tariffs were put into place. These increased the pricing of their products and many customers were unhappy. The cost changes led to many manufacturers leaving, he went on to discuss how companies have been able to adjust to tariffs. I enjoyed hearing his story and his opinion on tariffs. A powerpoint would have been helpful to keep the audience engaged and also to have visuals.
- Fall '18
- Professor assadipour
- International Trade, John Lohse, Dr. Lindemann