	First Stage	First Stage	First Stage	Second Stage
	ΔLWPEN	ΔUNION	ΔFDI	ΔC3UNION
ΔLWPEN				−99.79
ΔLWPEN				[0.165]
ΔUNION				−0.54
ΔUNION				[0.672]
ΔFDI				−11.80
ΔFDI				[0.451]
Instrument: ΔTARIFF	0.01	1.98	0.00
Instrument: ΔTARIFF	[0.768]	[0.610]	[0.946]
Instrument: Lag₂(LWPEN)	−0.02	−1.12	0.01
Instrument: Lag₂(LWPEN)	[0.591]	[0.136]	[0.697]
Instrument: Lag₂(UNION)	0.00	−0.13	0.00
Instrument: Lag₂(UNION)	[0.782]	[0.034]	[0.650]
Instrument: Lag₂(FDI)	0.00	−1.09	−0.24
Instrument: Lag₂(FDI)	[0.855]	[0.231]	[0.224]
Year Fixed Effects	Included	Included	Included	Included
Constant	Included	Included	Included	Included
N	407	407	407	407
R²	0.006	0.019	0.045
UWETS				1.08
WWETS				0.13