Draw Draw a three-graph figure similar to Figure 9.4 in chapter9 notes and explain the effects of a Chinese tariff on U.S. exportsof soybeans to China. Assume that the United States and China arelarge countries. Do a welfare analysis and explain the effects ofthe tariff in the U.S. soybean market, do a welfare analysis andexplain the effects of tariff in the Chinese market, and explainthe effects of the tariff in the international market. Explain thecosts and benefits of the tariff in the United States and in China.Make sure to discuss the appropriate details. You can draw thegraphs by hand and paste them here.
