3. Winners and losers from tariff reductions Suppose that Australia imports coffee from Colombia. The free market price is $7.00 per pound. If the tariff on imports in Australia is initially 14%, Australians pay $ per pound. 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, Australia reduces its import tariffs to 7%. Assuming the price of coffee is still $7.00 per pound, consumers now pay the price of $ per pound. Based on the calculations and the scenarios presented, the Uruguay Round most likely in Australia and in Colombia.