costs and benefits of tariffsBy the end of this Session, you should be able to:Evaluate the costs and benefits of tariffs, their welfare effects, and winners and losers from tariff policiesDiscuss what export subsidies and agricultural subsidies are, and explain how they affect trade in agriculture in the United States and the European UnionRecognize the effect of voluntary export restraints (VERs) on both importing and exporting countries, and describe how the welfare effects of VERs compare with tariff and quota policies