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Course 477
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If we consider the impact on both consumers and producers, then protection of the steel industry is:
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Unlike a specific tariff, an ad valorem tariff differentiates between commodities with different values.
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Free traders point out that:
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With a compound duty, its "specific" portion neutralizes the cost disadvantage of domestic manufacturers that results from tariff protection granted to domestic suppliers of raw materials, and the "ad valorem" portion of the duty grants protection to the finished-goods industry.
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With a compound tariff, a domestic importer of an automobile might be required to pay a duty of $200 plus 4 percent of the value of the automobile.
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The nominal tariff rate signifies the total increase in domestic productive activities compared to what would occur under free-trade conditions.
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Graphically, consumer surplus is represented by the area above the demand curve and below the product's market price.
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When material inputs enter a country at a very low duty while the final imported product is protected by a high duty, the result tends to be a high rate of protection for domestic producers of the final product.
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There is widespread agreement among economists that import tariffs increase overall employment in the levying country.
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Under the Offshore Assembly Provision of U.S. tariff policy, U.S. import duties apply only to the value added in the foreign assembly process, provided that U.S.-made components are used by overseas companies in their assembly operations.
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