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Ecen 252: International Trade Case Studies The New York Times: China Strikes Back at Trump's Tariffs, but lts Consumers Worry, Raymond Zhong (07062018) Raymond Zhong of The New York Times reported on Jaly 6.,2018 that China took steps towards imposing tariffs on U.S. exports of products like soybeans, becf, seafood, dairy and cars in retaliation of President Trump's decisiot to impose tariffs on 534 billion worth of Chincse imports to combat what the U,S. calls is unfair trade practices by China (Zhong. 2018). Some consumers in Chinu are concerned about the tariff's impect on the rising cost of healthy and safe food. Also. U.S. Farmers ate hurt by the export loes. a. Assume the US and China are the only twe coantries in the aveld, the market for soybeans is perfectly competitive and China has a cenpurative disadvantage in the production of sopbeans, Wlut does this imply about the price of sogbeans in China compared to the U.S.? b. On the left graph below, model the Chincse market fes soytvars (show autarky price and quantity). The right graph should shew the Chincse import demand curve fot soytraes from the U.S. c. 1a consider free trade. Add labels te show on your graph and on the lines below: Wotld price (or U.S. price) _ Chincse ciuntity supplied Quantity of inpoifs Chinese quantity demanded d. 2ad model a tariff on Chinese imports frem the U.S. Add labels to show on your graph and on the lises belaw: Price in China with the tariff Chinese quantity supplied Quantity of imports Chinese quantity demanded f. Use your answers (labels) in parts c, d and e to explain why the tariffs will benefit and harm China. g. Use your answers(labels) in parts c, d and e to explain why the tariffs will harm the U.S. h. As a changemaker for the common good, what do you think Chinese trade policy should be? Impose the tariffs or remove them in support of free trade? Consider trade in shrimp between Denmark and the US. Assume these are the only two countries in the world. a. Given the following domestic supply and demand curve for shorimp in Denmark, solve for autarky equilibrium price and quantity: Q,80P120 and Qe=780100P. b. Complete and label a graph of the market for shrimp in Denmark, and their import demand from the U.S. Your graph should include the autarky equilibrium price and quantity mumbers found in (a). Do not worry about the x and y intereepes of your curvex. c. Suppose the U.S. price of shimp is Pw=3 (think of this price as the world price), would Denark import or export shrimp? At this price, calculate the quantity supplied, demanded and imported. Put your numerical answers on the above graph. d. Now suppose Denmark places a tariff of f=S/.00 per uait imported. Calculate the new quantity supplied, demanded and imported. Calculate the government revenue. Recall: with the tariff. the price of shrimp in Dcnmark now equals Pw+t. Put your numerical answers on the above graph. c. Add labels to your diagram in part (c) and use them to cemplete the table of welfare effects with and without the tariff on shrints imtents from the US. f. In June of 2012, Senators from the US asked Dennark to go before the European Union Commission and ask that the tariff be removed. Use your analysis (labels) in in parts c,d and e to explain why Denmark may agree to this. Ecen 252: International Trade Case Studies The New York Times: China Strikes Back at Trump's Tariffs, but lts Consumers Worry, Raymond Zhong (07062018) Raymond Zhong of The New York Times reported on Jaly 6.,2018 that China took steps towards imposing tariffs on U.S. exports of products like soybeans, becf, seafood, dairy and cars in retaliation of President Trump's decisiot to impose tariffs on 534 billion worth of Chincse imports to combat what the U,S. calls is unfair trade practices by China (Zhong. 2018). Some consumers in Chinu are concerned about the tariff's impect on the rising cost of healthy and safe food. Also. U.S. Farmers ate hurt by the export loes. a. Assume the US and China are the only twe coantries in the aveld, the market for soybeans is perfectly competitive and China has a cenpurative disadvantage in the production of sopbeans, Wlut does this imply about the price of sogbeans in China compared to the U.S.? b. On the left graph below, model the Chincse market fes soytvars (show autarky price and quantity). The right graph should shew the Chincse import demand curve fot soytraes from the U.S. c. 1a consider free trade. Add labels te show on your graph and on the lines below: Wotld price (or U.S. price) _ Chincse ciuntity supplied Quantity of inpoifs Chinese quantity demanded d. 2ad model a tariff on Chinese imports frem the U.S. Add labels to show on your graph and on the lises belaw: Price in China with the tariff Chinese quantity supplied Quantity of imports Chinese quantity demanded f. Use your answers (labels) in parts c, d and e to explain why the tariffs will benefit and harm China. g. Use your answers(labels) in parts c, d and e to explain why the tariffs will harm the U.S. h. As a changemaker for the common good, what do you think Chinese trade policy should be? Impose the tariffs or remove them in support of free trade? Consider trade in shrimp between Denmark and the US. Assume these are the only two countries in the world. a. Given the following domestic supply and demand curve for shorimp in Denmark, solve for autarky equilibrium price and quantity: Q,80P120 and Qe=780100P. b. Complete and label a graph of the market for shrimp in Denmark, and their import demand from the U.S. Your graph should include the autarky equilibrium price and quantity mumbers found in (a). Do not worry about the x and y intereepes of your curvex. c. Suppose the U.S. price of shimp is Pw=3 (think of this price as the world price), would Denark import or export shrimp? At this price, calculate the quantity supplied, demanded and imported. Put your numerical answers on the above graph. d. Now suppose Denmark places a tariff of f=S/.00 per uait imported. Calculate the new quantity supplied, demanded and imported. Calculate the government revenue. Recall: with the tariff. the price of shrimp in Dcnmark now equals Pw+t. Put your numerical answers on the above graph. c. Add labels to your diagram in part (c) and use them to cemplete the table of welfare effects with and without the tariff on shrints imtents from the US. f. In June of 2012, Senators from the US asked Dennark to go before the European Union Commission and ask that the tariff be removed. Use your analysis (labels) in in parts c,d and e to explain why Denmark may agree to this