Great! So hypothetically if 12% of imported products had a 10% tariff on them, then 8 years later 12% of imported products had a 10% tariff on them and an additional 8% of imported products had a 5% tariff on them, have "average tariffs" risen or fallen?
Of the $387 billion in goods the U.S. imported in 1986, more than 20% was protected by special tariffs, quotas, or other types of restraints, according to Gary C. Hufbauer, a Georgetown University professor. When Reagan took office, the figure was 12%.
Let’s say that, in 1980 the average tariff was 10%; in 1986 the average tariff was 5%. What was the effective tariff rate in 1986, given that the tariff rate was cut in half, but applied to 20% more products?
Total number of products with tariffs under A = 10.
Total number of products with tariffs under B = 15.
Someone please check my math, I don't have my calculator (and I don't bother with the internet ones).