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the U.S. Government has imposed a tariff. describing how each tariff has impacted trade in both...

the U.S. Government has imposed a tariff. describing how each tariff has impacted trade in both countries.

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Answer #1

When US government impose taxes for a foreign good the price increases which makes people to pay more in order to buy the foreign good. This would create an uncompetitive environment between home and foreign good which supports the home good by not being competitive or improvement in quality and price. So the tax would create deadweight loss and reduce the revenue for foreign good and kills competition for home good which would eat to inefficient use of resources.

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