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Paraphrase It is widely accepted among economists that the practice of free trade enhances economic productivity and income, while trade restrictions have the opposite effect,
Paraphrase It is widely accepted among economists that the practice of free trade enhances economic productivity and income, while trade restrictions have the opposite effect, diminishing economic performance and income. Tariffs, which are taxes imposed on imported goods, are often seen by many economists as expenses that are ultimately borne by consumers (Chatzky, 2019). In the past, tariffs have been utilized to safeguard local industries such as agriculture and automotive, and to respond to unfair trade practices by other nations. Tariffs that were once employed to bolster domestic industries by motivating residents to purchase locally made products have since lost their favorable status, Over the last century, the consensus among most economists has shifted against tariffs because they are associated with a decrease in trade, increased costs for consumers in countries that impose tariffs, and often provoke retaliatory measures from other countries
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