The United States is a Small Country in World Trade

@article{Magee2005TheUS,
  title={The United States is a Small Country in World Trade},
  author={Christopher S. P. Magee and S. Magee},
  journal={Public Economics: Taxation},
  year={2005}
}
Despite being the largest country in world trade and thus presumably having high optimal tariffs, the United States has long had low and declining levels of protection. This paradox suggests that the United States is failing to exploit its monopsony power by levying optimal tariffs. Using data on world output and trade flows, we find that the United States is a small country in world trade in that its trade policies have negligible impacts on world prices. In the median manufacturing industry… Expand

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