Winners and losers from tariff reductions Suppose that Canada imports pearl necklaces from India. The free market price is $80.00 per necklace. If the tariff on imports in Canada is initially 8%, Canadians pay $ per necklace. One of the accomplishments of the Uruguay Round that took place between 1986 and 1993 was significant across-the-board tariff cuts for industrial countries, as well as many developing countries. Suppose that as a result of the Uruguay Round, Canada reduces its import tariffs to 4%. Assuming the price of pearl necklaces is still $ per necklace, consumers now pay the price of per necklace. in Canada and Based on the calculations and the scenarios presented, the Uruguay Round most likely in India