Imports and Exports
Have you ever gone to the store to get gas to find out that they are out? What if this is perminate every time you go shopping in your favorite department store they were out of your jeans? This is what would happen if imports and exports to the US suddenly stopped? Energy imports and exports are no different from the billions of dollars’ worth of products Americans buy and sell every day through free and open exchanges in the global economy – products such as food, clothing, vehicles and technology. The United States exports in 2010 were at 163 Billion dollars, imports were at 203.5 Billion dollars. That’s about 50.3 percent in imports and about 29.1 percent of total exports. In the short term, the US and world economy would completely collapse. Many nations depend on the US as a market for their goods, and without the consumers in other nations, the US would have excess of some goods but not enough of other things which we import such as oil, and electronics. Not to mention that the world's financial markets would seize up as dollars were no longer available to exchange for local currencies, and banks were unable to lend to businesses and individuals. Almost immediately there would be massive black markets abroad to buy goods made in the USA, and massive black markets in the US to buy foreign made goods.
Assuming that the people did not revolt and overthrow the government that imposed the restrictions. The overall happiness of society would be reduced greatly. GDP per capita would decline sharply and many people would become unemployed as their jobs had to focus production on goods that could be produced within the USA with USA resources. Prices would probably fall sharply for some goods things that are made easily and cheaply here, which would flood the American market, and increase sharply for other goods which can only be made from foreign inputs or produced in foreign countries.
In the long run most people be alright, but...
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