Money collected under the tariff

YouTube Video :

  1. What do you called the money collected under the tariff?
  2. In the U.S., who collects the money from the tariff?
  3. What are the two main reasons for having a tariff in place even though it can be bad for some people?
  4. What is the definition of a trade deficit?
  5. According to Trump, a drastic increase in tariff will increase or decrease trade deficits?
  6. How much is the U.S.-China trade deficit?
  7. When tariffs are put into effect, who pays for the increases in the cost of goods?
  8. When China retaliated by announcing a 25% tariff on U.S.-made airplanes, what happened to the stock price of Boeing? If Boeing is too expensive, which company/country will benefit?
  9. The vast majority of economists surveyed by a Reuters poll said that import tariffs would do more harm to the U.S. economy than good. Yet President Trump stood his ground then and President Biden is still maintaining the Trump-era tariffs till this day. Should we continue or discontinue imposing tariffs? Please share your thoughts.

Sample Solution