The question is about tariffs

Economics

University of Westminster, London

Question Description

I'm working on a international economics writing question and need an explanation to help me understand better.

This is a sample essay question. Please answer question in detail and thoroughly. Minimum 700 words. Undergraduate level.

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The chart below shows the time evolution of average tariffs applied by the US on imports from China of both final and intermediate goods. Explain the general relationship between trade and tariffs. Elaborate on the likely consequences of a rise in both final and intermediate goods tariffs, while highlighting the differences between the two tariffs in their effects on the structure of US-China trade and the implications on welfare for both countries. ...
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