Mexico Accepts Trump's Offer on Sugar Quotas Washington, DC—Mexico has agreed to limit sugar exports to the United States to a maximum of 1.150 million metric tons a year and to further limit refined sugar shipments to 30 percent of that total (down from 53 percent last year). Commerce Secretary Wilbur Ross hailed the agreement as "fair to U.S. consumers and American sugar growers." But economists estimate that this and other sugar import quotas are keeping the U.S. price of sugar at roughly $0.28 per pound, far above the world price of $0.12. Those higher prices have already driven candy companies like Hershey's and Brach's to move candy production from the United States to Mexico. Source: News accounts of June 2017. According to the News Wire, how much more are U.S. candy companies paying for sugar as a result of the import quota? Explain.

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According to the information the US price of sugar is 028 per pound and the world price is 012 p... View the full answer