Latin American Economic Integration and U.S. Policy

By Joseph Grunwald; Miguel S. Wionczek et al. | Go to book overview

APPENDIX C
Estimated Effect of Removal of Tariff Protection in Developed Countries on Imports of Manufactured Goods from Latin America

THE CHANGE IN THE LESS developed countries' share in developed-country import markets can be measured by the share elasticity times the effective tariff in the developed country.1. The implicit assumptions are a perfectly elastic demand for imports in the developed countries and an elastic supply of those manufactured goods at present exported by developing countries.

Balassa has determined that the effective tariff (weighted average) in 1962 for the United States was 20 percent, for the United Kingdom 27.8 percent, for the European Economic Community (EEC) 18.6 percent, and for Japan 29.5 percent.2. These countries account for about 94 percent of the total imports of manufactured goods3. from Latin America into developed countries. In 1967 the United States imported $264 million in manufac-

____________________
1.
Using effective tariffs assumes that tariffs are reduced only on finished manufactures. The share elasticity equals the percent change in the proportion of total imports coming from a given area due to a percent change of relative prices of imports from that area.
2.
Bela Balassa, "Tariff Protection in Industrial Countries: An Evaluation," Journal of Political Economy, Vol. 73 ( December 1965), p. 591.
3.
Manufactured goods are defined throughout this appendix as chemicals, basic manufactures, machinery and transport equipment, and other manufactured goods (Standard International Trade Classification [SITC] categories 5, 6, 7, and 8) minus nonferrous metals (SITC 68) which are imported by developed countries from Latin America mainly in an unwrought state.

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