discussion question and peer reviews 39
DISCUSSION POST MUST BE 10+ SENTENCES AND THE PEER REVIEWS MUST BE 7+ SENTENCES PLEASE USE YOUR OWN WORDS AND DO NOT COPY FROM OTHER SITES STAY ON TOPIC ,BE POSITIVE , AND DO NOT COMMENT ON GRAMMAR ERRORS. TALK DIRECTLY TO CLASSMATES IN PEER REVIEWS!!! YOU MUST COMPLETE BOTH PEER REVIEWS AND DISCUSSION QUESTION!! THANK YOU
1) DISCUSSION QUESTION
“Globalization in Your Life”
Tariffs on steel and aluminum are proposed to be set at 25% for steel and 10% for aluminum.
Watch the video Tariffs and Protectionism to prepare for this weekâ€™s discussion.
Reply to these questions in your post:
- Who do you think will ultimately pay these tariffs? Explain your answer.
- Describe a good or service you use that has been impacted by trade or globalization. What are some advantages and/or disadvantages you have experienced?
Discuss globalization with your peers:
2) PEER REVIEW #1 (JAMES)
Hello Professor and class. With regard to the tariffs, ultimately it is the consumer that will pay the tariffs through higher prices. As the tariff takes effect, the imports will cost more to come in and that price will be passed along to the consumer. Likewise, because of the higher world price, domestic production will sell more but they will also raise their price to coincide with the world price, so again the consumer absorbs that cost.
Two goods that I can think of off hand that would be affected by tariffs would be computers and automobiles. The prices of those two household purchases are constantly in fluctuation based on how the world trade is going.
3) PEER REVIEW #2 (MATTHEW)
In my opinion, it is the domestic consumers that ultimately end up paying for tariffs. Tariffs are taxes on imported goods, like foreign steel and aluminum. And since tariffs push global prices upward, it causes a decrease in demand domestically.
If you look at the proposed tariffs the president has recently threatened Mexico with, “punishing” the country for issues at the border, it will greatly impact domestic prices here on a lot of consumer products, costing American citizens more money.
With over $50,000,000,000 worth of car parts imported from Mexico into the USA every year, and an economist said earlier this morning that the average price of a vehicle in this country will go up about $1,300.00. The prices for laptops, beer, televisions, and other popular consumer goods will rise.
As for my personal experience, I am a big shoe collector. I have a ton of shoes and my wife thinks I’m addicted LOL. With the tariffs the president is putting in place with China, economists have said that the price of tennis shoes could increase by $15-20 for American consumers. Might have to think twice now about buy my next pair of shoes if prices will be going up.
So, though tariffs are a form of protectionism for the imposing country, I think you only end up hurting yourself (more specifically, your citizens) with tariffs on foreign imports.