US STEEL IMPORT TARIFFS: A NEW BEGINNING TO OLD MISTAKES?

Kishore Kulkarni and Dorothy Shepperd

The IUP Journal of Applied Economics, 2004, vol. III, issue 6, 33-41

Abstract: The present paper investigates economic effects of newly imposed steel import Tariff by US administration. Inside the face of safeguard measures US imposed a series of tariffs in March 2002, which were a result of findings from Section 201 investigation by the International Trade Commission (ITC) that began in June 2001. Policies intended to impose 30% ad valorem tariff in first year, 24% in the second year and 18% in the third year. In order to show the economic effects, the paper introduces such basic concepts as consumer surplus, producer surplus, large and small country etc. The race amongst countries in 1920s to impose increasing tariffs was one of the reasons for Great Depression. The present US initiative in starting this new wave of tariff race could be a start of another mistake in international arena.

Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:icf:icfjae:v:03:y:2004:i:6:p:33-41

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