Net Importer

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 (for example, of 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. The reading is Chapters 8 & 9 from Principles of Microeconomics Mankiw, N.G. (2018). Principles of microeconomics (8th ed.). Stamford, CT: Cengage Learning. ISBN: 9781337096508