Macroeconomics: UK economy, IB Economics

The UK government has announced that it is going to extend the existing import tariffs on steel for a further two years, in line with many of our trade partners. It is argued that if we allowed unfettered access to the UK market, it could cost the UK economy around £150m a year. 

However, it's not yet clear how much the cost of the tariffs themselves are in relation to this.