What are tariffs?
The raise of tariffs must be approved by congress. It was brought up by the 12-member Trans-Pacific Partnership at nation’s largest free-trade agreement. Going overseas to produce products that are sold in the US is financially cheaper for the consumer and the companies selling the merchandise. The cost of labor in other countries is in many cases extremely lower than in the U.S. This has cased many businesses to go overseas to find the most affordable deals. The rise of tariffs will definitely increase the prices on the products that are being brought from overseas.
I think that raising the tariffs is a good idea. The products being brought in are already at extremely low prices and sold for really high profits. Raising the tariffs will encourage many companies to produce their products locally. This can be a great thing for our economy. This will create hundreds of new jobs and it will encourage more local designers to get creative with the production. Many companies will have to look for alternatives for fabrics and designs due to the cost. I think that this would be a great opportunity for new ideas and it will force many to think outside the box.
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1. What Consequences Would Raising Tariffs Have on the Apparel Industry?