What were the effects of the 1807 trade Embargo during Jefferson's presidency?
(1 point)
Responses
The US exported less goods and lost a lot of money due to the lack of trade.
The US exported less goods and lost a lot of money due to the lack of trade.
France was able to gain money from Britain's loss
France was able to gain money from Britain's loss
France lost 86 million dollars of Imports
France lost 86 million dollars of Imports
Great Britain lost a lot of money, and they had to rebuild their economy from scratch.
The US exported less goods and lost a lot of money due to the lack of trade. France was able to gain money from Britain's loss. France lost 86 million dollars of imports. Great Britain lost a lot of money, and they had to rebuild their economy from scratch.
only 1 answer
The US exported less goods and lost a lot of money due to the lack of trade.
The correct answer is: The US exported less goods and lost a lot of money due to the lack of trade.
During Thomas Jefferson's presidency, he imposed the Embargo Act of 1807, which prohibited trade between the United States and foreign countries. The intent behind this act was to respond to the impressment of American sailors by British naval vessels and the violation of neutral rights. However, the consequences of the embargo were significant.
To understand the effects of the embargo, one can consider the following:
1. The US exported fewer goods: With the embargo in place, American merchants were unable to trade with other nations. This resulted in a decline in exports due to limited access to international markets. American farmers and manufacturers suffered from a lack of demand for their products abroad.
2. The US lost a lot of money: The reduced export of goods had a detrimental impact on the American economy. The loss of foreign trade and the associated income meant that the United States experienced significant financial setbacks. Many merchants and businesses faced economic hardships and some even went bankrupt.
3. France was able to gain money from Britain's loss: As a consequence of the embargo, which primarily targeted Britain, France benefited economically. With the United States cutting off trade with Britain, France was able to increase its exports and capture the market share previously held by the British. This ultimately allowed France to generate more revenue at the expense of Britain.
It is important to note that France did not directly lose 86 million dollars of imports, as mentioned in one of the options. The specific figure of 86 million dollars is not accurate, but it is true that France benefited from the loss of British imports due to the embargo.
On the other hand, Great Britain did suffer economic losses due to the embargo. However, the assertion that they had to rebuild their economy from scratch is an overstatement. The British economy did face some difficulties, but it was not completely devastated to the point of needing a complete rebuild.
In summary, the 1807 trade embargo during Jefferson's presidency led to reduced exports, significant financial losses for the United States, and provided economic benefits to France at the expense of Britain.