A simple model of the juggernaut effect of trade liberalisation

This paper posits a political economy model where (i) reciprocity in multilateral trade talks results in a one-off tariff cut below their unilateral level because reciprocal trade talks turn each nation׳s exporters into anti-protectionists at home and (ii) this one-off global tariff is self-reinforcing because it reshapes the political economy landscape via entry and exit.