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But tariff rates are not universally low.
This wasn't about tariff rates.
Average U.S. tariff rates have fallen by two-thirds since 1960.
Post-war trade liberalisation has mostly meant slashing tariff rates.
One possibility is to reduce tariff rates and increase exemptions.
The tariff rates, which have been climbing monthly since March, are now 12percentt.
A preoccupation with short-term fiscal balance has, for instance, kept tariff rates high.
Tariff rates generated intense political emotions in those days, rather like tax cuts today.
European tariff rates continued to hold flat until 1930, well after the Depression had begun.
So as deflation took hold after 1929, effective tariff rates climbed, discouraging imports.
It is true that tariff rates on goods have come down enormously over the past half century.
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