7. (10 pt.) On March 1, 2018, President Trump announced his intention to impose a 25% tariff on steel and a 10% tariff on aluminum imports. In a tweet the next day, Trump asserted, "Trade wars are good, and easy to win." On March 8, he signed an order to impose the tariffs effective after 15 days. A study published in fall 2019 in the Journal of Economic Perspectives found that by December 2018, Trump's tariffs resulted in a reduction in aggregate U.S. real income of $1.4 billion per month in deadweight losses, and cost U.S. consumers an additional $3.2 billion per month in added tax. Draw a hypothetical graph of supply and demand in the U.S. steel market. Show the impact of imposing a 25 percent tariff on imported steel. Show how the tariff impacts the quantity demanded and quantity supplied. Who gains and who loses as a result of the tariff? Show the deadweight loss that results from the tariff and explain why this results in economics inefficiency and a loss in producer plus consumer surplus. Show the amount of revenue collected. Does China pay these tariffs or U.S. consumers? Explain your reasoning carefully