Tariffs
This is a tax imposed on imported goods to protect domestic industries or generate revenue
What is tariff
This North American trade agreement, signed in 1994, significantly reduced tariffs between Canada, the U.S., and Mexico.
What is NAFTA?
This country is known for its high import tariffs on foreign cars, making it expensive to buy non-domestic vehicles.
What is India?
When tariffs increase the price of imported goods, this economic term describes the general rise in consumer costs.
What is infaltion
A tariff is most commonly applied to goods that come from this source.
What is another country
This Canadian political party, traditionally associated with protectionist policies, introduced the National Policy in 1879, which included high tariffs to protect domestic industries.
What is the Conservative Party of Canada
As part of its economic reforms, this Asian country significantly reduced tariffs in the 1980s and 1990s, leading to its rapid economic rise.
What is China
If a country imposes tariffs, other nations may retaliate by imposing their own, leading to this type of economic conflict.
What is a trade war
In 1930, the United States passed this controversial tariff that worsened the Great Depression by reducing international trade.
What is the Smoot-Hawley Tariff?
This long-running trade dispute between Canada and the U.S. involves tariffs on a key forestry product.
What is the softwood lumber dispute
These European countries placed high tariffs on U.S. whiskey and Harley-Davidson motorcycles in retaliation for American steel tariffs.
What is the European Union
High tariffs can encourage domestic production but may hurt this group by increasing prices for everyday goods.
Who are consumers
Tariffs generally benefit this group by reducing foreign competition.
Who are domestic producers?
In 2020, this trade deal replaced NAFTA, adjusting tariffs and trade rules between Canada, the U.S., and Mexico.
What is the Canada-United States-Mexico Agreement (CUSMA)
The Mercosur trade bloc, which includes Argentina and Brazil, has internal tariff agreements but imposes high tariffs on goods from outside this continent.
What is South America
A country that relies heavily on exporting goods may be harmed if other nations impose tariffs, leading to this economic downturn.
What is a recession
A country imposing high tariffs may experience this economic consequence, where other nations retaliate by imposing their own tariffs.
What is trade war
This Canadian prime minister negotiated the Canada-U.S. Free Trade Agreement in the 1980s, which led to the reduction of many tariffs.
Who is Brian Mulroney
The Smoot-Hawley Tariff Act of 1930 was implemented in this country, worsening the Great Depression by reducing international trade.
What is the United States
When tariffs reduce trade between countries, it can weaken this type of international relationship.
What are diplomatic ties