While the exact effect of the higher tariffs is uncertain, "tariffs do create deadweight loss, so we can expect them to exact some costs on the U.S. economy,'' said Sarah Bauerle Danzman ...

The tariffs took money from a variety of industries ... Dispersed costs, concentrated benefits, and deadweight loss combined to make the country as a whole a little worse off.

Calculate the new price of a US agricultural product exported to China, originally priced at $100 per unit, after a 10 per cent tariff is imposed by China (3 marks) Using a demand and supply diagram, ...