Why did American business owners favor high tariffs on foreign goods?(1 point)
Responses
People were more likely to buy goods from American business owners than foreign goods.
People were more likely to buy goods from American business owners than foreign goods.
Prices of American goods increased.
Prices of American goods increased.
Prices of foreign goods decreased.
Prices of foreign goods decreased.
People were more likely to buy goods from foreign business owners than American goods.
None of the above options accurately explain why American business owners favored high tariffs on foreign goods.
The correct answer is that high tariffs on foreign goods provided protection for American businesses by making foreign goods more expensive and less competitive in the domestic market. This allowed American businesses to charge higher prices for their goods and maintain a larger share of the market. High tariffs also served to protect American industries from foreign competition and promote domestic economic growth.