Trade War Between China and USA - Economics Assessment Answer

Economics Assessment Task

Part 1
Trade war between china and USA

Questions 1
1. 1.1  Leather handbags made in China is one of the items that was imposed with a high import tariff by the US in this trade dispute. Using a diagram,
illustrate and explain the effects of the US’s import tariffs for Chinese leather handbags on:
- US consumer surplus;
- US producer surplus;
- domestic quantity demanded and supplied for leather handbags in the US; - import quantity of Chinese leather handbags in the US;
- US government budget.
2. 1.2  Steel is also another item that was imposed with a high import tariff by the US in this trade dispute. Using a diagram, illustrate and explain what
happened to the price of US produced cars (which rely on steel) and the market quantity of cars as a result of this import tariff.

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