Seminar paper from the year 2019 in the subject Business economics -
Economic Policy, grade: A+, University of South Australia (McGill),
course: International Business, language: English, abstract: The central
research question is linked to the implications of protectionism in the
steel industry in the US. The hypothesis is that trade protectionism
leads to higher prices and massive job losses. The case study design is
employed as is allows for the in depth understanding and examination of
the steel industry in the US and the implications of the trade policies
on the jobs as well as prices. The research applied archival research
method applying a mixed methodology. The findings of the research
indicate that the application of protectionism in the steel sector would
harm not only the consumers but the industry being protected. It can be
concluded that protectionism has negative implications in terms of
higher prices and loss of jobs. The project was restricted by the
research design as the use of a single case study limits the
comparability and thus the generalizability of the results. The research
focused only on the steel industry in the US thus restricting the
applications of the findings in other sectors or industries in the US or
even the steel industries in other countries. The research implies that
trade policies in the US should favor the use of market forces dictated
by the principles of the WTO rather than focusing on the nationalism of
the economies. The economic nationalism in the United States has risen
in the past couple of years, fueled by and fueling the election of
President Donald Trump. With the increased call for nationalism of the
economies comes the view that protectionism has achieved great success
in the history of the United States. However, the calls for greater
protectionism ignores the vast amounts of academic analysis and
contemporary reporting that indicates that the trade protectionism in
the United States has led to immense economic
