Welfare economics looks at winners and losers through changes in consumer and producer surpluses. When the...

Welfare economics looks at winners and losers through changes in consumer and producer surpluses. When the U.S. imposed tariffs on steel imports my relatives from the Iron Range of Minnesota were happy about the tariffs. My husband's employer manufactures potato harvesting equipment. They are facing higher steel costs as a result of the tariffs. Using a welfare economics explain in economic terms, the reason some businesses liking the tariffs and other businesses not liking the tariffs. What is the overall impact of the steel tariff when you look at both the winners and losers?

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Rahul Sunny answered 2 months ago

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