1. Fewer imports of a product mean fewer mean fewer import-holding jobs, such as those in container-shipping industry.
2. Given the global complexity of production, import restrictions on one industry will likely cause lower sales in other industries because they must incur higher costs for inputs and components. For Example, U.S. import restrictions on steel raise automobile and farm equipment manufacturing costs.
3. Imports stimulate exports, though less directly, by increasing foreign income and foreign exchange earnings, which foreign consumers then spend partially on new imports. Thus restricting earnings abroad has some negative effect on domestic earnings and employment.
1. Fewer imports of a product mean fewer mean fewer import-holding jobs, such as those in container-shipping industry.2. Given the global complexity of production, import restrictions on one industry will likely cause lower sales in other industries because they must incur higher costs for inputs and components. For Example, U.S. import restrictions on steel raise automobile and farm equipment manufacturing costs. 3. Imports stimulate exports, though less directly, by increasing foreign income and foreign exchange earnings, which foreign consumers then spend partially on new imports. Thus restricting earnings abroad has some negative effect on domestic earnings and employment.
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