Introduction This chapter is focused on the following questions: What are the effects of various trade policy instruments? Who will benefit. and who will lose What are the costs and benefits of protection? Will the benefits outweigh the costs What should a nation's trade policy be? Copyright C 2003 Pearson Education, Inc Slide 8-4Copyright © 2003 Pearson Education, Inc. Slide 8-4 Introduction ▪ This chapter is focused on the following questions: • What are the effects of various trade policy instruments? – Who will benefit , and who will lose ? • What are the costs and benefits of protection? – Will the benefits outweigh the costs? • What should a nation’s trade policy be?