Answer:
Historical evidence shows that tariffs raise prices and reduce available quantities of goods and services for U.S. businesses and consumers, which results in lower income, reduced employment, and lower economic output. Tariffs could reduce U.S. output through a few channels.
True.
"Hughes patented the technology in 1909 and, with partner Walter Sharp, formed the Houston-based Sharp-Hughes Tool Company to manufacture the bit. After Sharp died in 1912, Hughes bought his interest in the company. When he in turn passed away in 1924, Howard Jr., an only child whose mother had died two years earlier, inherited the thriving company and became a millionaire."
