How the large tariff would affect the welfare of consumers

Reference no: EM131346065

In 2004 the Bush administration ruled that China and Vietnam were dumping shrimp in the United States at below their costs, and proposed duties as high as 112%. Suppose that China and Vietnam were subsidizing their shrimp fishers. Show in a diagram who gains and who loses in the United States (compared to the equilibrium in which those nations do not subsidize their shrimp fishers). Now use your diagram to show how the large tariff would affect the welfare of consumers and producers and government revenues.

Reference no: EM131346065

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