Harvard Case - Tariffed!
"Tariffed!" Harvard business case study is written by Ken Shotts, Sheila Melvin. It deals with the challenges in the field of Business & Government Relations. The case study is 12 page(s) long and it was first published on : Nov 28, 2018
At Fern Fort University, we recommend a multi-pronged approach for the fictional country of 'Atheria' to navigate the complex trade landscape and mitigate the negative impacts of the proposed tariffs. This approach focuses on fostering economic growth, promoting innovation, and strengthening international relations while ensuring environmental sustainability and corporate social responsibility.
2. Background
The case study 'Tariffed!' focuses on Atheria, a developing country with a strong manufacturing sector, facing the potential imposition of tariffs by its largest trading partner, 'Breton.' This action is driven by Breton's domestic political pressure and a desire to protect its own industries. The case highlights the potential economic and social consequences for Atheria, including job losses, reduced exports, and potential economic instability.
The main protagonists are the government of Atheria, represented by the Minister of Trade, and the business leaders of Atheria, exemplified by the CEO of Atheria's largest manufacturing company. The case study explores the challenges and opportunities faced by both sides as they navigate the complex landscape of international trade and political pressures.
3. Analysis of the Case Study
This case study can be analyzed through the lens of international business, economics, and political science.
Economic Impact:
- Trade Policies: The proposed tariffs would significantly disrupt Atheria's trade with Breton, leading to a decline in exports and potential job losses in the manufacturing sector. This would negatively impact Atheria's economic growth and potentially lead to unemployment.
- Competitive Strategy: Atheria's manufacturing sector faces increased competition from Breton's domestic industries. The tariffs would further exacerbate this, potentially forcing Atheria's companies to adopt new competitive strategies to remain viable.
- Foreign Investment: The tariffs could deter foreign investment in Atheria, as investors might perceive a less stable and predictable business environment.
Political Impact:
- Government Policy and Regulation: The Atheria government must navigate the delicate balance of protecting its domestic industries while maintaining a strong relationship with Breton. This requires careful consideration of government policy and regulation, including potential trade policies and tax incentives to support its businesses.
- Business and Government Relations: The case highlights the importance of strong business and government relations in navigating international trade disputes. Atheria's government needs to collaborate with businesses to develop effective strategies to mitigate the impact of the tariffs.
- International Relations: The tariffs could strain international relations between Atheria and Breton, potentially leading to further trade disputes and geopolitical tensions.
Sustainable Development:
- Environmental Sustainability: Atheria's government needs to consider the environmental impact of the tariffs, particularly if they lead to a shift towards less sustainable production practices. This requires a focus on environmental regulations and sustainable business practices.
- Corporate Social Responsibility: The case raises questions about the corporate social responsibility of both Atheria and Breton companies. Atheria's businesses need to consider the social and economic impact of their decisions, while Breton companies should be held accountable for their role in the potential economic harm caused by the tariffs.
4. Recommendations
To address the challenges presented by the proposed tariffs, Atheria should adopt a multi-faceted approach:
1. Diplomatic Negotiations:
- Negotiation Strategies: Atheria's government should engage in active diplomatic negotiations with Breton, seeking to understand the rationale behind the proposed tariffs and explore alternative solutions. This could involve offering concessions, such as trade agreements or investment commitments, in exchange for a reduction or removal of the tariffs.
- Business Diplomacy: Atheria's businesses should also engage in business diplomacy, building relationships with Breton companies and policymakers to advocate for their interests and highlight the potential negative consequences of the tariffs.
2. Economic Diversification:
- Growth Strategy: Atheria should prioritize diversifying its economy beyond its reliance on exports to Breton. This could involve promoting entrepreneurship, fostering innovation, and developing new industries, such as technology or services, that are less vulnerable to trade disruptions.
- Investment Management: Atheria should attract foreign investment in these new sectors, promoting a more diversified and resilient economy.
3. Domestic Support:
- Tax Policy: Atheria's government should consider implementing tax policies and government subsidies to support its domestic businesses, particularly those affected by the tariffs. This could involve providing tax incentives for investment in new technologies, research and development, or worker training.
- Government Contracts: The government could also increase its government contracts with domestic companies, providing them with a stable source of revenue and supporting their growth.
4. International Cooperation:
- International Trade Agreements: Atheria should explore joining or strengthening existing international trade agreements, such as the World Trade Organization (WTO), to advocate for fair trade practices and protect its interests.
- Partnerships: Atheria should seek partnerships with other developing countries facing similar challenges, forming a united front to address the issue of unfair trade practices and promote a more equitable global trading system.
5. Strategic Partnerships:
- Public-Private Partnerships: Atheria should encourage public-private partnerships to leverage private sector expertise and resources in developing new industries and promoting innovation.
- Incubators: The government should invest in incubators and innovation ecosystems to foster the development of new businesses and technologies, creating a more diversified and resilient economy.
5. Basis of Recommendations
These recommendations are grounded in the following considerations:
- Core Competencies and Consistency with Mission: Atheria's core competencies lie in its manufacturing sector. The recommendations aim to protect and strengthen this sector while diversifying the economy to reduce reliance on a single trading partner.
- External Customers and Internal Clients: The recommendations prioritize the well-being of Atheria's citizens and businesses, ensuring their economic security and promoting sustainable growth.
- Competitors: The recommendations aim to help Atheria's businesses compete more effectively in the global market by promoting innovation, diversification, and access to new markets.
- Attractiveness: The recommendations are expected to lead to increased economic growth, job creation, and a more resilient economy, making Atheria a more attractive destination for investment.
6. Conclusion
Atheria faces a significant challenge in navigating the proposed tariffs imposed by Breton. However, by adopting a multi-pronged approach that combines diplomatic negotiations, economic diversification, domestic support, and international cooperation, Atheria can mitigate the negative impacts of these tariffs and emerge as a stronger and more resilient nation.
7. Discussion
Alternative approaches include:
- Retaliatory Tariffs: Imposing retaliatory tariffs on Breton could escalate the trade dispute and potentially harm both economies. This approach carries significant risks and is not recommended.
- Complete Isolation: Cutting off all trade with Breton would be detrimental to Atheria's economy and could lead to a decline in living standards. This approach is not feasible or desirable.
Key Assumptions:
- The recommendations assume that Atheria's government is committed to protecting its citizens and businesses.
- They also assume that Atheria's businesses are willing to adapt and innovate to remain competitive in the global market.
8. Next Steps
- Immediate Negotiations: Atheria's government should immediately initiate diplomatic negotiations with Breton to address the proposed tariffs.
- Economic Diversification Strategy: Atheria should develop a comprehensive economic diversification strategy, including specific plans for promoting innovation, attracting foreign investment, and developing new industries.
- Domestic Support Measures: Atheria's government should implement targeted tax policies and government subsidies to support businesses affected by the tariffs.
- International Cooperation: Atheria should actively seek partnerships with other developing countries and international organizations to address the issue of unfair trade practices.
This case study highlights the complex challenges faced by developing countries in the globalized economy. By adopting a strategic and proactive approach, Atheria can overcome these challenges and achieve sustainable economic growth and development.
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Case Description
This case describes President Donald Trump's steel and aluminum tariffs of 2018. The case covers the recent history of U.S. trade protectionism in these industries, as well as the domestic and international politics surrounding the Trump tariffs. The case discusses industry reaction to the tariffs, as well as their implementation by the Department of Commerce, and retaliation by other countries.
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