Globalization in Your Life

“Globalization in Your Life”

Tariffs on steel and aluminum are proposed to be set at 25% for steel and 10% for aluminum.

Watch the video Tariffs and Protectionism to prepare for this week’s discussion.

Reply to these questions in your post:

  • Who do you think will ultimately pay these tariffs? Explain your answer.
  • Describe a good or service you use that has been impacted by trade or globalization. What are some advantages and/or disadvantages you have experienced?

 

This week, the question to ponder upon is about Globalization as it is a factor that affects all of us in our daily lives. There is no question that globalization has permanently changed the landscape of how consumers behave, think, and more importantly, spend. This week’s discussion addresses two specific issues.

First, who do you think will ultimately pay these tariffs? Explain your answer.

Second, describe a good or service you use that has been impacted by trade or globalization. What are some advantages and/or disadvantages you have experienced?

The fact that countries are able to more freely trade with each other, has created an abundance of products and services that can be offered to the consumer. If one looked at the tags on the clothing in their closet, one would see many different countries of origin, including China and Indonesia. How about the location of the manufacturer of your watch?

What about the place of origin of your television? Many of these available products and services would have been unimaginable before the free trade agreements were signed and international unions were formed.

Class: What is NAFTA and how does it work?

 

RESPONSE TO THIS POST

Discuss globalization with your peers:

  • Reply to a peer and discuss their experience with trade or globalization. Was your peer’s experience like yours? Did you learn something new from reading your peer’s reply?:

 

Hesson

RE: Week 8 | Discussion

1 -Who do you think will ultimately pay these tariffs? Explain:

I believe that tariffs will be paid by the domestic consumer. A tariff is a tax that is placed on the import. When the tariff is higher, the consumer will have to pay more. Ultimately if the tariff is too high, the quantity demanded will be lower because consumers will not want to pay.

2-Describe a good or service you use that has been impacted by trade or globalization. What are some advantages/disadvantages you have experienced?

A good that I have purchased in the past that has been impacted by trade would be a vehicle. Vehicles are some of the largest purchases that a person makes in their lifetime. Some are produced here in the US and we export them out to other countries, others are imported in. Some advantages of purchasing an import vehicle is that depending on the country of origin, the labor and supply costs may be lower so the vehicle could have a lower starting price.

The exact opposite could happen also. If the costs of production are greater in the country of origin, then the base price of the vehicle will be higher. Another disadvantage of an import vehicle could be that the parts to fix/repair a vehicle could be higher because the parts will be shipped from other countries which means the tariffs could be higher so ultimately we pay higher.

 

Last Updated on February 11, 2019 by EssayPro