suffer. More than the loss in trade, China will experience substantial welfare loss due to all of allocative inefficiency …, worsening terms of trade and endowment effect. Of these, worsening terms of trade explain the largest part of welfare loss to … the country. With the withdrawal of the USA from the deal, China’s trade with the region and its welfare is likely to …

increases the within-industry variance of, sales and reduces welfare gains as consumers dislike price heterogeneity. Our theory …

-rationed firms. Both effects increase the within-industry variance of firm outcomes and reduce welfare gains as consumers dislike …