💨 Abstract

In this article, the writer discusses the benefits of free trade and the role of elasticities in determining the impact of tariffs on welfare. Using examples like Portugal and Britain in the past and Bangladesh in the present, the writer argues that large countries with elastic demand curves have the upper hand in trade negotiations with small countries that have inelastic supply curves. The writer suggests that the U.S.'s

Courtesy: theprint.in

Summarized by Einstein Beta 🤖