Question

suppose the french government levies a high tariff on imported american cheeses. who would benefit if the french government passed a law reducing the high tariff on imported cheese, holding all else constant? assume american cheese producers want to supply cheese to france due to the french's high cheese demand.

Answer 1

American cheese makers would benefit since they would have the option to sell more cheese in France and turn a bigger benefit.

Cheese prices in France would go down, cheese producers' profits would go down, and the French government's tax revenue would go down.

What was the tariff?

A tariff is a tax that is levied by a government on goods and services that are imported from other nations. This tax raises the price of those goods and services and makes them less desirable or, at the very least, less competitive with goods and services made in the country.

A tax on imports from other nations is known as a tariff. According to economists, consumers bear the majority of the costs. In the past, they have been used to retaliate against unfair trade practices in other nations and to safeguard domestic industries like automobiles and agriculture.

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