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27, 1970. 4.7 A student makes the following argument: Tariffs on imports of foreign goods into the United States will cause the foreign com- panies
27, 1970. 4.7 A student makes the following argument: Tariffs on imports of foreign goods into the United States will cause the foreign com- panies to add the amount of the tariff to the fol sins prices they charge in the United States for those goods. Instead of putting a tariff on imported goods, we should ban importing them. Banning imported goods is better than putting tariffs on them because U.S. produc- ers benefit from the reduced competition, and ino U.S. consumers don't have to pay the higher prices caused by tariffs. Briefly explain whether you agree with the student's reasoning
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