Note: This is post #34 in a weekly video series on basic microeconomics.

How do tariffs affect consumers? What about producers? Who wins and who loses? In this video by Marginal Revolution University, economist Alex Tabarrok looks at the costs and consequences of tariffs, quotas, and protectionism.

(If you find the pace of the videos too slow, I’d mend watching them at 1.5 to 2 times the speed. You can adjust the speed at which the video plays by clicking on “Settings” (the gear symbol) and changing “Speed” from normal to 1.25, 1.5 or 2.)

Previous in series: Should Martha Stewart iron her own shirts?