Statement 1 "A tariff raises the price of a good in the importing country and lowers it in the exporting country. As a result of these price changes, consumers lose in the importing country and gain in the exporting country. Producers gain in the importing country and lose in the exporting country. In addition, the government imposing the tariff gains revenue." Question 1 Please explain the above statement with graphs and illustrate how this happens? [Hint: the Home and Foreign comparison must be argued separately.]