4.3 For the bottom the three choices are benefits producers, hurts producers, and hurts consumers

3. Winners and losers from tariff reductions Suppose that Colombia imports cars from Australia. The free market price is $7,700.00 per car, If the tariff on imports in Colombia is initially 34%, Colombians pay $ per car. 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, Colombia reduces its import tariffs to 17%. Assuming the price of cars is still $7,700.00 per car, consumers now pay the price of $ per car. Based on the calculations and the scenarios presented, the Uruguay Round most likely in Colombia and in Australia. Grade It Now Save & Continue Continue without saving