Using an intra-industry trade model with mobile/immobile capital, we revisit the characteristics of optimal tariffs and tariff wars. In contrast to folk wisdom on optimal tariffs, we show that when capital is freely mobile across countries, smaller countries impose higher tariffs, and they can win tariff wars. This occurs because tariffs have a strong impact on output expansion. Even if capital import taxes are available, small countries can win tariff wars, although larger countries may apply higher tariff rates.

中文翻译：

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移动资本、最优资费与关税战

使用具有移动/固定资本的行业内贸易模型，我们重新审视了最优关税和关税战的特征。与关于最优关税的民间智慧相反，我们表明，当资本在国家间自由流动时，较小的国家征收更高的关税，它们可以赢得关税战。这是因为关税对产出扩张有很大影响。即使可以征收资本进口税，小国也可以赢得关税战，尽管较大的国家可能会征收更高的关税。