Virginia Tech BUS BUS MISC If a nation decides that it is receiving too many imports, at the expense of its domestic industries, it might consider adding tariffs (taxes) to the…

Virginia Tech BUS BUS MISC If a nation decides that it is receiving too many imports, at the expense of its domestic industries, it might consider adding tariffs (taxes) to the…

If a nation decides that it is receiving too many imports, at the

expense of its domestic industries, it might consider adding tariffs (taxes) to the import goods.
This philosophy is called protectionism.
What is YOUR opinion on protectionism? Why would you be in favor of adding tariffs to imports, in an effort to protect domestic production?
What would be the benefit of protectionism? What would be the cost, to the consumer, of protectionism?

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