|
|
Tariff-and-retaliation game |
|
|
|
 Home Site Map Add Term Search About Us Contributors |
Tariff-and-retaliation gameThe game of countries setting tariffs knowing that by doing so they alter the terms of trade to their own advantage. This is one very specific form of trade war.Similar MatchesRetaliationRetaliation1. The use of an increased trade barrier in response to another country increasing its trade barrier, either as a way of undoing the adverse effects of the latter's action or of punishing it. 2. The formal procedure permitted under the GATT whereby a country may raise discriminatory tariffs above bound levels against a GATT member that has violated GATT rules and not provided compensation. Tariffs and retaliationTariffs and retaliationThe process of one country raising its tariff to secure some advantage, to which another country responds by raising its tariff, the first raises its tariff still further, etc. See retaliation, trade war. Classic treatment is Johnson (1954). |
|
|
|