In 2002 the steel industry successfully lobbied Congress to impose a tariff of 8 to 30 percent on foreign steel.Which of the following is an unintended consequence of this tariff?

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The unintended consequence of the tariff was that many steel-using firms in the U.S. went out of business and about 200,000 workers lost their jobs due to higher steel prices. This demonstrates that protectionist policies designed to benefit one industry often have negative consequences for other industries and workers. While the tariff did protect U.S. steel firms from price cutting efforts of foreign competitors benefiting from governmental support in their countries, it also resulted in higher prices for steel and harmed businesses that relied on affordable steel imports. The tariff may have also allowed U.S. steel firms to charge higher prices, but this is not the primary unintended consequence of the policy. Additionally, while American steel workers may have kept their jobs, the wider economic costs of the tariff suggest that the policy may not have been an overall benefit to the U.S. economy.

In 2002 the Steel Industry Successfully Lobbied Congress to Impose