The Winners and Losers of Free Trade | Microeconomics

Let's summarize the outcome of free trade by looking at its winners and losers. We'll look at how consumer and producer surpluses can cause different outcomes in free trade, and we'll look at how tariffs impact the welfare outcomes of trade, including causing deadweight losses.
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00:00 Intro
00:30 The winners and losers from trade
01:45 The effects of a tariff