What will cause the gains and losses

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Several high-ranking politicians on Capitol Hill have argued that the US should increase tariffs on goods imported from China (and even some American allies) to correct the US balance of trade deficit with China. Who will gain and who will lose if tariffs are increased on Chinese imports? What will cause the gains and losses? Why does the government still use tariffs, even though there is a net loss from tariffs? What do you think "fair" trade means?

Reference no: EM132294732

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