Saileshsingh Gunessee, Chris Milner, Zhaohui Niu, 19 June 2018

Trade liberalisation is expected to have ushered in an era of increased globalisation. This column uses a measure of overall trade protection comprising tariff-equivalent non-tariff measures and tariffs to examine whether protectionism has fallen or increased over the past two decades. The results suggest that overall protection levels have not decreased despite tariff liberalisation, as non-tariff measures have proliferated both across sectors and countries. These measures are now the main source of trade protection.

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