The World Bank estimates that if all barriers to trade such as tariffs were eliminated, the global economy would expand by 830 billion dollars by 2015. The economic effect of tariffs can be broken down into two components: The impactto the country which has a tariff imposed on it.
How did the tariff affect America? American businesses grew. Foreign countries retaliated and hurt American businesses. Americans responded by buying more foreign goods. Foreign countries were more willing to do business in America