# 1.In the late 1990s, Japan was accused of dumping steel on the U.S. market. This means...

###### Question:

1.In the late 1990s, Japan was accused of dumping steel on the U.S. market. This means that Japanese steel producers were suspected of selling their steel in the U.S. at prices below their costs of production, although what "costs of production" exactly means is not particularly clear. In any case, some people in the U.S. were unhappy about this, while others clearly benefited. Give examples of people who would be angry about Japanese steel dumping and people who would greatly benefit from this dumping

2. Explain all trade barriers(tariffs, quotas, and embargoes)

3. In the 1970s, automakers in the U.S. pushed for a quota to be placed on imports of Japanese automobiles. The quota was put in place and, curiously, resulted in increased profits for Japanese auto companies, despite the decreased quantity sold. Explain how this could happen

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