Extra Credit (5 points) Tariffs have taken center-stage thes…

Extra Credit (5 points) Tariffs have taken center-stage these days, as President Donald Trump has made them the cornerstone of his economic policy.  The stated goals of this policy are to raise revenues for the US government and to encourage the purchase of more domestic, and fewer imported, products.  Tariffs are a tax on imports, paid by importing companies and largely passed on to consumers.  Given that GDP = C+I+G+Xn, discuss in detail how an across-the-board increase in tariffs might both help and hurt the US economy, based on the individual components of GDP.