How will tariffs affect domestic consumers

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Reference no: EM131278401

1. Suppose the tariff were levied solely on imported crude. In an integrated world economy, who would be hurt? Who would benefit? Why? What would be the longer-term consequences?

2. If a $10/barrel tariff were levied on imported refined products (but no tariff were levied on crude oil), who would benefit? Who would be hurt? Why? What would be the longer-term consequences?

3. What would be the economic consequences of the combined $5/barrel tariff on imported crude and a $10/barrel tariff on refined oil products? How will these tariffs affect domestic consumers, oil producers, refiners, companies competing against imports, and exporters?

Reference no: EM131278401

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