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QUESTION

To protect American jobs, the US government may decide to cut US imports of bulldozers by 60%. It could do so by either:

To protect American jobs, the US government may decide to cut US imports of bulldozers by 60%.  It could do so by either:

-Imposing a tariff high enough to cut bulldozer imports by 60%

-Persuading Komatsu and other foreign bulldozer makers to set up a voluntary export restraint arrangement to cut their exports of bulldozers to the US by 60%.

a. Which of these two policies would be less damaging to the United States?  Please explain.

b.  Which of these two policies would be less damaging to the world as a whole?  Please explain.

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