Question
An economist discussing trade policy in $The$ $New$ $Republic$ wrote: "One of the benefits of the United States removing its trade restrictions [is] the gain to U.S. industries that produce goods for export. Export industries would find it easier to sell their goods abroad$-$even if other countries didn't follow our example and reduce their trade barriers." Explain in words why U.S. $export$ industries would benefit from a reduction in restrictions on $imports$ to the United States.
Step 1
When the United States removes import restrictions, it means that the country will be importing more products. This implies that there will be a higher demand for foreign currencies to pay for these imports, which in turn means that the demand for US dollars will Show more…
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