3. Winners and losers from tariff reductions Suppose that India imports fertilizers from Canada. The free market price is $12.00 per ton. If the tariff on imports in India is initially 12%, Indians pay per ton. One of the accomplishments of the Uruguay Round that took place between 1986 and 1993 was significant across-the-board tariff cuts for industrial countries, as well as many developing countries. Suppose that as a result of the Uruguay Round, India reduces its import tariffs to 6%. Assuming the price of fertilizers is still $12.00 per ton, consumers now pay the price of per ton. Based on the calculations and the scenarios presented, the Uruguay Round most likely Y in India and Y in Canada