Import tariffs always benefit domestic producers more than they hurt domestic consumers.

Question

Quizplus · Accepted Answer

Import tariffs increase the cost of foreign goods, making them more expensive for domestic consumers to purchase. This can lead to decreased demand for the foreign product, but it can also lead to increased demand for domestic products, which may benefit domestic producers. However, the increased cost for consumers can ultimately hurt the domestic economy as a whole. Additionally, domestic producers may not necessarily benefit if they face increased competition from other domestic producers who are also taking advantage of the tariff.

Import Tariffs Always Benefit Domestic Producers More Than They Hurt