Tariffs have mixed implications for citizens depending on their industry and position within it. The poor are disproportionally impacted by tariffs as they are considered economically regressive. among the arguments for trade barriers are job creation, protection against cheap foreign labor, fairness in trade, maintenance of the domestic standard of living, equalization of production costs, infant- industry argument, and various non-economic arguments. Tariff-related gains for America are a complex issue. Discuss the effective rate of tariff protection and the process of tariff escalation? Explain how a tariff affects the welfare of a small importing country and a large importing country?

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