Please provide answer for this problem. Thank you!

Working for the new Biden administration, you are given a report analyzing a policy idea for a total ban on imports from China. Using the modied ACR formula (shown below), the report estimates that such a ban would reduce real incomes in the United States by 1 percent. Write a few sentences to critique this interpretation. Rich Text Area. Press ALT-0 for help. 1 Gt=7E(1+T)1 . . . _ imp . Where '7 IS the domestic expendlture Share 1 grOSS output , IS the intermediate input share, T is tariff revenue Share, and E is the trade elasticity (w.r.t variable trade costs)