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Course 477
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To protect domestic producers from foreign competition, the U.S. government levies both import tariffs and export tariffs.
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The redistribution effect is the transfer of producer surplus to domestic consumers of the import-competing product.
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Suppose that the tariff on imported steel is 40 percent, the tariff on imported iron ore is 20 percent, and 30 percent of the cost of producing a ton of steel consists of the iron ore it contains. The effective rate of protection of steel is approximately 49 percent.
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The protective effect of a tariff occurs to the extent that less efficient domestic production is substituted for more efficient foreign production.
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The deadweight losses of an import tariff consist of the protection effect plus the consumption effect.
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If a "small" country levies a tariff on an imported good, its overall welfare increases if the monetary value of the tariff's consumption effect plus protective effect is less than the monetary value of the terms-of-trade effect.
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Relatively low wages in Mexico make it impossible for U.S. manufacturers of labor-intensive goods to compete against Mexican manufacturers.
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If the world price of steel is $600 per ton, a specific tariff of $120 per ton is equivalent to an ad valorem tariff of 25 percent.
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If a "large" country levies a tariff on an imported good, its overall welfare increases if the monetary value of the tariff's consumption effect plus protective effect exceeds the monetary value of the terms-of-trade effect.
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Producer surplus is the revenue producers receive over and above the minimum necessary for production.
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