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2. On June 15,2018 , the Office of the United States Trade Representative announced that the United States will impose tariffs at the rate of

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2. On June 15,2018 , the Office of the United States Trade Representative announced that the United States will impose tariffs at the rate of 25% on Chinese products worth of $50 billion. In retaliation, China announced tariff measures on goods imported from the United States to the same effect. Please analyze the possible effects of US tariff measure on the US production, consumption and total welfare. (50 points)

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