Forestry products account for nearly three percent

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Reference no: EM1315218

Q. Canada's forestry industry (composed mainly of those involved in the lumber industry) directly employs about 370000 workers also indirectly employs an additional 510000 people in hold services. Forestry products account for nearly 3 percent (%) of Canada's GDP also 14.1 percent of its exports. Lobbyists for the U.S. lumber also timber producers recently filed a complaint with the U.S. International Trade Commission (ITC) alleging which the Canadian government provided a subsidy to its lumber producers also caused harm to U.S. lumber also producers of timber. As a result of these concerns one US lobbyist proposed the imposition of a 15 percent excise tariff on all Canadian forestry products. Conclude the impact of the proposed 15 percent excise tariff on the equilibrium price also quantity of lumber exchanged in the U.S. Would domestic consumers also producers benefit from the proposed tariff? Elucidate carefully also provide any calculations (if any) used in determining answers.

Reference no: EM1315218

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