Extra Credit (3 points):
Due 3/21: Watch the video* “What are Tariffs and How Do They Work?” and answer the following questions:
- Explain how tariffs work?
- How can the lack of international competition impact prices in the United States?
- Domestically, who benefits from tariffs? Who could tariffs be bad for?
- Using the examples of tariffs on steel and aluminum, what reasons do people give for proposing new tariffs?
- Using the examples of tariffs on steel and aluminum, what reasons are there for opposing new tariffs?