Welfare Costs of US Quotas in Textiles, Steel and Autos
This paper quantifies welfare costs and resource shifts that would occur if US quantitative restrictions in textiles, steel and autos were removed. Estimates are derived from a static ten-sector general the equilibrium model of the US economy. The welfare loss from the quantitative restrictions is estimated at approximately 1984 US$20 to their high rent transfer component (about 75%), these restrictions are equivalent (in welfare terms) to an average across the board tariff of 20% such rates were common in the early days of multilateral tariff reduction.
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