Question

If County Z is exporting its corn crop to country Y, and country Y decides to...

If County Z is exporting its corn crop to country Y, and country Y decides to put a tariff on the crop.. what is most likely to happen? Will country Z start growing a new crop? Please give me a list of things that could happen except obviously the price going up.

Thank you

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Answer #1

Country Z is exporting corn crop to country Y and country Y decides to put a tariff on crop. If country Z is heavily dependent on trading of corn and rise in price due to tariff reduce their exports so large that they are not able sell their crops anywhere else in the world. If this is the case, they will atop production of corn.

Things that will change in country Y:

  • Government will earn revenue due to tariff imposed.
  • Consumers will end up paying higher prices for the same crop which hurts them.
  • Producers will benefit because imported corn is equally priced as domestically produced corn.
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