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Common Arguments For And Against Trade Restrictions

497 words - 2 pages

Common Arguments For and Against Trade RestrictionsWhat are some of the common arguments for and against trade restrictions? Choose a position and describe why you think it is valid. Respond to a classmate who has selected a position that is different from yours. Did they provide valid rationale for their position? Why or why not?Arguments for trade restrictions include but are not limited to:•Trade restrictions protect domestic (home) industries from international competitors.•Import restrictions reduce imports and secure local markets.•Government funding to exporter's increases exports and helps create a trade surplus that protects the job market in local ...view middle of the document...

Arguments against trade restrictions include but are not limited to:•Trade restrictions could prevent the free flow of products and services and harm a nation's welfare.•Consumers would lose the advantages of free trade i.e. lower prices for products and services.•International trading companies would not be able to expand their efforts to sell products and services to developing nations.•Nations would not be able attain a higher level of living by specializing in import products and services.•Companies would not be able to obtain a comparative advantage by importing products and services they normally have a comparative disadvantage in local markets.In my personal opinion, though trade restrictions may cause me as a consumer to have to pay higher prices for certain products or services, I would have to agree with the reasoning behind trade restrictions.Overall, I believe that trade restrictions are a good way for governments to protect their own people and political interests. I feel trade restrictions are beneficial especially for infant companies and domestic job markets because they secure local job markets and ensure job security for local citizens.I also agree that trade restrictions on imports in the areas of national security and national defense are a good idea because we should never become too reliant on outside sources that may not be available in wartime.ReferenceBall, D. A., McCulloch, W. H. Jr., Frantz, P. L., Geringer, J. M., & Minor, M. S. (2006).International business: The challenge of global competition (10th ed.). New York: McGraw- Hill.

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