Tariffs have become a hot topic. In a paper:
- Describe how a tariff affects the market for a good the United States produces but is a net importer of (for example, steel).
- Draw a supply and demand graph (do not just copy and paste a graph, create your own) illustrating world trade and a tariff.
- Identify winners and losers from world trade and winners and losers from the tariff (be sure to include domestic consumers, domestic producers, foreign consumers, foreign producers, and government in your discussion).
- Evaluate two of the arguments for tariffs from the textbook.
Adhere to the following standards:
- Your paper should be 3-4 pages in length, not including the title or references pages.
- Include at least 3 scholarly references.
- The Economics Library Guide (Links to an external site.) is a good tool to use to start your research (sources such as The Balance, EconomicsHelp.org, Investopedia, and similar websites are not acceptable).
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