‘they sell us stuff but won’t let us sell them stuff’. Simple tension.
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Simple situation where intuition misleads, I think. We still get cheaper stuff!
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optimal trade policy likely clockwork tit-for-tat: all goods from X get 1 tariff, weighted-avg of X's tariffs vs US
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Countries that don't export anything still better off for being able to import some things. Here, this policy adds needless tariffs.
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newer trade deals are less about tariffs and more about regulatory harmonization
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to eliminate unfair trade practices that can impact our competitiveness. it is a real thing.
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currency management, opening up their markets,
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