Imagine that China opens its borders to international trade, but with greater restrictions than the U.S....

Imagine that China opens its borders to international trade, but with greater restrictions than the U.S. and European Union (EU). They impose a tariff of ¥10 per dollar value of each imported good and an import quota on all goods, as well as other health, safety, and regulation barriers.

Step 2 Identify the winners and losers and answer the following questions. In a one-page (250-word) document, answer the following questions using the information provided in the scenario in Step 1: Who stands to gain and who stands to lose in China, the U.S. and members of the EU?

What are the potential impacts that these restrictions may have on international trade?

What are the potential justifications for the implementation of these trade restrictions?

Expert Solution

Rahul Sunny answered 2 years ago

Outline of chapter 21, International Trade Restrictions

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