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Trade Policies Mix and Match : Theory and Evidence
This paper studies the relationship between tariffs and non-tariff measures (NTMs) to understand the recent trade tensions with governments mixing trade policies, such as the European Union imposing NTMs on top of the tariffs on China’s electric vehicles. Results based on the latest bilateral-product-level NTMs show that overall tariffs and NTMs are policy substitutes. The substitutions are higher for high-income importing countries, low-income exporting countries, country pairs with deep trade agreements, and products with consumption externalities. A simple terms-of-trade model demonstrates how the welfare-maximizing government may mix trade policies to reduce consumption externalities from imports. Structural estimations confirm the results.
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