Question: 1.Explain how tariffs impact trade. For example, in 2018 the USA imposed a 25% tariff on steel imports. How does that impact steel imports? 2.Explain

1.Explain how tariffs impact trade. For example, in 2018 the USA imposed a 25% tariff on steel imports. How does that impact steel imports?

2.Explain how subsidies impact trade. The USA has large subsidies for corn farmers. How does that impact corn exports/imports?

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