1 answer

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


Answers

As per HOMEWORKLIB RULES first question is answered

Kindly ask rest of the questions in a separate post

1.

People who would be angry: US producers of steel

Reason: US steel producers would be angry about Japanese steel dumping because the Japanese would be selling steel in the US market af very low prices, which would reduce demand for US made steel, as consumers would find the latter more costly. As a result, demand for US steel would fall and thus US steel producers would experience loss.

People who would benefit: Steel consumers in US

Reason: Consumers of steel in US would benefit from Japanese steel dumping, as they would be able to buy steel at very low prices, as compared to before Japan selling steel in US. This would help steel consumers save a lot of money.

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