ON THE DISTRIBUTIONAL EFFECTS OF INTERNATIONAL TARIFFS
研究了2018年美国及其主要贸易伙伴加征关税的分配效应，发现关税收入用于减税时，贸易战平均福利损失相当于永久减少0.1%的消费，但退休人员和低财富家庭损失更大，仅富裕家庭获益。
Abstract We provide a quantitative analysis of the distributional effects of the 2018 increase in tariffs by the United States and its major trading partners. We build a trade model with incomplete asset markets and households that are heterogeneous in their age, income, wealth, and labor skill. When tariff revenues are used to reduce distortionary taxes on consumption, labor, and capital income, the average welfare loss from the trade war is equivalent to a permanent 0.1% reduction in consumption. Much larger welfare losses are concentrated among retirees and low‐wealth households, whereas only wealthy households experience a welfare gain.