There are no small trading states in real international markets

All trading states have a sub set of trading partners that either impact or are impacted by that states changes in trading policy These convenient assumptions go out the window too one world market leads to one world price There are multiple prices and no rapid arbitrage based closure In fact. Arbitrageurs work to maintain these opportunities Small states can however never capture all existing arbitrage gain if trading is mediated on both ends by corporate traders that are in essence free to control pre tax or pre quota prices for both imports and exports