Zero tariffs, stable jobs: Maximizing free trade

Zero tariffs, stable jobs: Maximizing free trade

Reading Time: 3 minutes  Tariffs, economics and GDP may appear abstract concepts. The fundamental concerns of consumers in Australia, India, and the US, however, are similar: stable jobs and affordable prices. Let’s insert a new abstract term: prisoner’s dilemma. In the context of trade, this happens when two nations have a choice: to mutually lower or raise tariffs, or for one to lower them but not the other.  If they have higher but reciprocal…