Agreements & Policies
This is an agreement set to reduce tarriffs and quotas on goods
GATT (general Agreement or Tariffs and Trader)
The general flow of money a country receives when selling goods to other nations
Export revenue
The exchange of goods and services between countries, allowing nations to get what they can’t easily produce themselves
World trade
A tax the government puts on imported goods to make them more expensive than domestic products
Tariffs
This nations primary export is crude oil and refined petroleum, making up roughly 90% of its total export revenue
Saudi Arabia
This agreement aims to promote and facilitate trade specifically between Canada and the EU
CETA (Comprehensive Economic and Trade Agreement)
Energy sources formed from the remains of ancient organisms, including coal, oil (petroleum), and natural gas
Mineral fuels
When countries specialize in producing what they do best, making the global economy more efficient
Specialization?
A government imposed limit on quantity or value of a good that can be imported or exported during a specific period
A quota
The south american giant, the world's largest exporter of this commodity, primarily ships soybeans and iron ore
Brazil
This is the specific economic outcome GATT is set to achieve
Boosting economic recovery?
This country's biggest trade partners include the U.S., Japan, South Korea, Taiwan, and Vietnam
China
This is the only global international organization dealing with the rules of trade between nations, with 166 members as of 2024
The World Trade Orginizartion (WTO)
This process involves taxes being collected by a country's customs when goods are imported.
Customs collection (or tax collection)
The worlds largest exporter by total value, this country ships massive amounts of electrical machinery and data processing equipment
China
CETA sets standards for trade in goods, services, investment, and this final area related to how governments obtain goods
Government procurement?
Germany is among the top global exporters of this type of finished manufactured product
Cars
The weakening of this specific connection between nations can lead to less cooperation and more global tension
International relations?
Besides tariffs, trade restrictions can also be used to hurt industries and cause job losses if local businesses can't compete with these
Cheaper foreign products
European nation that's leading exports are vehicles and vehicle parts, accounting for around 17% of it's total amount of exports
Germany
This agreement provides rules and promotes liberalization for developing countries to participate more in world services trade
GATS (General Agreement on Trade in Services)
The U.S. exports a wide variety of goods, but it's biggest trading partners are these three countries
Mexico, Canada, and China
These are everyday items—like affordable clothes, fresh fruit, and new technology—would become expensive or scarce.
Consumer goods
The primary goal of a tariff, is to influence people to buy these types of goods instead of imported ones
Local and domestic goods
Highly mechanized European nation, famous for the port of Rotterdam, lists refined petroleum, machinery, and pharmaceuticals among its top exports, with Germany as its largest trade partner.
Netherlands