
Three tariff lessons from US interwar history
Three tariff lessons from US interwar history https://ift.tt/2IizJsq National tariff schedules are inevitably detailed and complex, but a broad-brushed macroeconomic picture can be painted using the ratio of custom duties collected to the value of dutiable imports. Figure 1 presents this measure from 1895 to 2000. The upper panel covers an early period of unilateral US legislative acts. The lower panel covers the period of formal multilateral trade agreements that followed – the General Agreements on Tariffs and Trade (GATT) and the WTO. Figure 1 Ad valorem equivalent tariff rate (ratio of customs duties to dutiable imports) Notes: Vertical lines are […]