as far as protectionism is concerned....
tariffs will do the following -
Increase prices (draw diagram to prove)
Reduce consumer surplus and cause welfare loss (Same diagram)
Cause retaliation - (Use China & EU - solar panels and wine)
Short run - possibly tax revenue, although this is a very weak argument for tariffs and is not the reason countries do it.
Long run - damaging for all concerned as it ignores efficiency and comparative advantage
Possible arguments in favour would be for developing countries protecting their infant industries against foreign competition - they could use this protection to improve infrastructure, increase investment and become competitive...then reduce barriers to compete
big problkem with the above is that they need cash to do this and foreign comanies (FDI) and IMF would not allow protectionist barriers.
hope this helps...I have no doubt you are ready...good luck!
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