(Answered) Explain how two large countries involved in a tariff war

Management Studies

Explain how two large countries involved in a tariff war can reach a tariff distorted equilibrium in which there is still some trade between the two countries. From the tariff distorted equilibrium explain why there are no incentives for either country to unilaterally reduce its tariff and discuss whether or not there are potential benefits to be had from joint tariff reduction. Use offer curves to illustrate analysis?

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