Tariffs Explained: Who Pays, Who Gains, and Why Governments Use Them
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YouTubeMicroeconomics with Michael
Tariffs Explained: Who Pays, Who Gains, and Why Governments Use Them
This episode explains one of the most important policy tools in international trade: tariffs. Starting from a simple definition, we analyze how tariffs work using a standard supply-and-demand framework in an open economy. By following the oil market example, the video shows how opening to trade lowers prices, increases imports, and hurts local ...
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