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3) Trade Policy: The case of a tariff. Instruction: Structure your answers to precisely fit each of the sub-questions. a) Consider the USA (a large

3) Trade Policy: The case of a tariff. Instruction: Structure your answers to precisely fit each of the sub-questions. a) Consider the USA (a large country) imposing a tariff on its imports from Luxemburg (a small country). Explain the effects on both USA and Luxemburg. b) Consider Luxemburg (a small country) imposing a tariff on its imports from USA (a large country). Explain the effects on both Luxemburg and USA. c) Is it smart of USA or Luxemburg to impose a tariff

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