Rough trade ride into illusion

EI SUN OH

UNTIL not so long ago, countries used to impose high tariffs (import tax) on each other’s imported goods (and, at least at that time to a much lesser extent, services). The motivation behind such tariff measures was more a “passive” one for developing countries and “active” one for developed countries. There used to be a clear development distinction between countries, with developed countries manufacturing most of the goods (and providing most of the services) for developing countries to acquire (and thus import).