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Suppose that in response to huge job losses in the U.S. textile​ industry, Congress imposes a...

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Economics

Suppose that in response to huge job losses in the U.S. textile​ industry, Congress imposes a 100 percent tariff on imports of textiles from China. What is the effect of the increased tariff on U.S. and Chinese gains from​ trade? In the United​ States, who gains and who loses from the increased​ tariff? Question content area bottom Part 1 With the increased​ tariff, _______. A. U.S. gains from trade will decrease and Chinese gains from trade will increase B. U.S. gains from trade will increase and Chinese gains from trade will decrease C. both U.S. and Chinese gains from trade will decrease D. both U.S. and Chinese gains from trade will increase

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