Who benefits and who loses from tariffs? Explain your answer. Identify the directional change in consumers’ surplus and producers’ surplus when we move from free trade to tariffs. Is the change in...

Who benefits and who loses from tariffs? Explain your answer. Identify the directional change in consumers’ surplus and producers’ surplus when we move from free trade to tariffs. Is the change in consumers’ surplus greater than, less than, or equal to the change in producers’ surplus?