Tariffs have become a hot topic.

• Describe how a tariff affects the market for a good the United States produces but is a net importer of (for example, steel).
• Draw a supply and demand graph illustrating world trade and a tariff.
• Identify winners and losers from world trade and winners and losers from the tariff (be sure to include domestic consumers, domestic producers, foreign consumers, foreign producers, and government in your discussion).
• Evaluate two of the arguments for tariffs.