Benchmark measures of trade restrictiveness using the Trade Restrictiveness Index (TRI) stand in sharp contrast to standard measures. For a twenty-seven country sample, trade weighted average tariffs underestimate restrictiveness measured by the 'uniform tariff equivalent' (the inverse of the...

We characterise optimal trade and industrial policy in dynamic oligopolistic markets. If governments can commit to future policies, optimal first-period intervention should diverge from the profit-shifting benchmark to an extent which exactly offsets the strategic behaviour implied by Fudenberg...