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Impact of Quota on US Steel market

"US consumer is seen as big loser in new restraints on imported steel" said a recent Wall Street Journal headline. The big gainers from the quota limitations on imported steel were predicted to be US producers, who would sell more, and foreign producers, who would sell less but at a higher price. Is this prediction correct, if so can you explain why you agree with the predictions of this article? if the prediction is wrong, please explain why as well. Thank you.

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"US consumer is seen as big loser in new restraints on imported steel" said a recent Wall Street Journal headline. The big gainers from the quota limitations on imported steel were predicted to be US producers, who would sell more, ...

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Solution provides succinct explanation on the impact of quotas on the US Steel market.

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