Impact of Trade Tariffs on Consumer Prices and Efficiency

In the context of international economics, trade restrictions are often implemented by governments to protect domestic industries from foreign competition. These restrictions may take various forms, including tariffs, quotas, and import bans. While proponents of trade restrictions argue that they help to safeguard jobs and promote local industry, critics contend that these measures can lead to inefficiencies and may provoke retaliatory actions from trading partners.

Consider the following scenario: Country A imposes a tariff on the import of steel to protect its domestic steel manufacturers. What is the likely impact of this tariff on Country A's economy in terms of consumer prices and economic efficiency?