The Return to Protectionism
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www.nber.org/papers/w25638
New China Tariffs Increase Costs to U.S. Households - Liberty Street Economics
Amiti, Redding, and Weinstein consider the cost of higher U.S. tariffs on imports from China to the typical American household.
libertystreeteconomics.newyorkfed.org/2019/05/new-china-tariffs-increase-costs-to-us-households/
Will New Steel Tariffs Protect U.S. Jobs? - Liberty Street Economics
President Trump announced a new tariff of 25 percent on steel imports and 10 percent on aluminum imports on March 8, 2018. One objective of these tariffs is to protect jobs in the U.S. steel industry. They were introduced under a rarely used 1962 Act, which allows the government to impose trade barriers for national security reasons. Although the tariffs were initially thought to apply to all trading partners, Canada and Mexico are currently exempt subject to NAFTA negotiations, and implementation of the tariffs for the European Union, Argentina, Australia, and Brazil has been paused. South Korea has received a permanent exemption from the steel tariffs and will instead by subject to a quota of 70 percent of its current average steel exports to the U.S. In this post, we consider how the steel tariffs could affect U.S. trade and employment. We focus on steel since the steel industry employs about three times as many workers as the aluminum industry, although qualitatively our conclusions apply to both. We argue that the new tariffs are likely to lead to a net loss in U.S. employment, at least in the short to medium run.
libertystreeteconomics.newyorkfed.org/2018/04/will-new-steel-tariffs-protect-us-jobs/
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관세가 수출국이 아닌 수입국 소비자 부담으로 귀결된다는 분석에 저도 동의합니다. 여기에 수출국 입장을 조금 보충하면, 한국처럼 대미 수출 의존도가 높은 국가 입장에서는 관세 자체보다 불확실성이 더 큰 문제입니다. 기업들이 투자·생산 계획을 수립할 때, 관세율이 확정되어 있으면 그에 맞춰 조정이라도 가능합니다. 그런데 협상 과정에서 수시로 수치가 바뀌고 예외 품목도 유동적이면, 아예 의사결정 자체를 미루게 되는 경향이 생깁니다. 한국무역협회 조사에서도 수출 기업들이 가장 어렵다고 꼽는 점은 '관세율 수준'이 아니라 '정책 예측 불가능성'이었습니다. 결국 이번 관세 정책은 미국 소비자에게도, 교역 상대국 기업에도 모두 불확실성 비용을 부과하는 구조라고 봅니다.