Welfare Costs of US Quotas in Textiles, Steel and Autos

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Abstract
This paper quantifies welfare costs and resource shifts that would occur if US quantitative restrictions in textiles, steel and autos were removed. Estimates are derived from a static ten-sector general the equilibrium model of the US economy. The welfare loss from the quantitative restrictions is estimated at approximately 1984 US$20 to their high rent transfer component (about 75%), these restrictions are equivalent (in welfare terms) to an average across the board tariff of 20% such rates were common in the early days of multilateral tariff reduction.

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