If the tariffs on textiles, apparel items, and footwear mentioned in the Application were replaced by equivalent voluntary export restraints (VERs), who would benefit the most?

Question

Quizplus · Accepted Answer

The foreign manufacturer would benefit the most as they would be able to set their own export limits and potentially increase prices due to reduced competition. The VERs would limit the amount of imports, protecting domestic producers, but ultimately leading to higher prices for consumers. The U.S. government would not necessarily benefit and low- and high-income consumers would both be negatively affected by higher prices.

If the Tariffs on Textiles, Apparel Items, and Footwear Mentioned