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According to the text, what would most likely occur as a result of the United States...

According to the text, what would most likely occur as a result of the United States government’s imposing tariffs on foreign wine imports? Describe probable United States economic scenario following this action in terms of some variables that might be affected, and how these variables would react, or move.

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When there is a tariff on foreign wine imports, then imports of the foreign wine decrease. It leads to increase in price of the foreign wine. It also creates opportunity for the domestic producers to increase price of their own wine product also. It will cause demand for domestic wines to increase and shift to the right. Besides, misallocation of resources takes place and other sectors can suffer due to poor demand. Besides, affecting foreign countries can reach and go on to retaliate and increase the tariff upon US products. It will cause US export to decrease as well.

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