After seven years of negotiations, 12 countriesincluding the United States, Japan,

Vietnam, and nine other Pacific Rim countriescrafted the Trans-Pacific Partnership

(TPP). A key feature of the TPP was the lifting of tariffs on many products traded

between the member countries, ranging from agriculture to footwear. Before the United

States ultimately pulled out of the deal, each member country went through the process

of ratifying the agreement, with numerous domestic firms and collective interests voicing

opposition. In the United States, New Balance was one of these opposing firms,

specifically stating its disapproval of phasing out U.S. tariffs on shoes made in Vietnam.

What would a reduction of U.S. tariffs on Vietnamese shoes do to the supply of

Vietnamese shoes in the United States?

What impact would this have on the equilibrium quantity of shoes sold in the

United States?

Would the tariff reduction cause the equilibrium price for shoes in the United

States to increase or decrease?

Please Explain in Detail.