One micro effect of a tariff on Chinese steel is that steel manufacturing firms in the UK will see an increase in demand and improved profits from selling output.This is because an import tariff makes Chinese steel more expensive which can lead to expenditure-switching effects.Tags: Analytical Essay AimLaw Dissertation TitlesHow To Write A Short Essay For CollegePersonal Letterhead For Cover LetterAp Lit EssaysBachelor Thesis Social SciencesOrphan Research Paper
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Users of steel such as construction firms may substitute towards relatively cheaper UK steel leading to an outward shift of demand and a higher supernormal profit per tonne of steel supplied.
However the strength of the substitution effect depends on the size of the import tariff because Chinese steel might have been significantly cheaper than the UK.
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