Suppose that Brazil imports semiconductors from the United States. The free market price is $23.00 per semiconductor.

If the tariff on imports in Brazil is initially 12%, Brazilians pay __________ per semiconductor.

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, Brazil reduces its import tariffs to 6%.

Assuming the price of semiconductors is still $23.00 per semiconductor, consumers now pay the price of ____________ per semiconductor.

Based on the calculations and the scenarios presented, the Uruguay Round most likely __________(hurts/benefits producers/consumers) in Brazil

and _________ (hurts/benefits) in the United States.