CNBC explains tariffs

What is a tariff?

• A type of umbrella

• A type of watch

• A type of shoe

• A tax on items entering or leaving a country

Who collects the duties from tariffs in the United States?

• Central Intelligence Agency

• Internal Revenue Service

• Federal Bureau of Investigation

• U.S. Customs and Border Protection

What is the percentage of U.S. import duties compared to the total value of all imported goods?

• 1.4%

• 10%

• 20%

• 5%

Why are tariffs implemented?

• To raise money and protect domestic industries

• To reduce the cost of imported goods

• To increase the trade deficit

• To promote international cooperation

What is the estimated U.S.-China trade deficit?

• $500 billion

• $1 trillion

• $100 billion

• $370 billion

What do the majority of economists believe about import tariffs?

• They would only harm China's economy

• They would benefit the U.S. economy

• They would do more harm to the U.S. economy than good

• They would have no impact on the U.S. economy

What is the main reason President Trump wants to reduce the U.S.' trade deficit?

• To increase the trade deficit with other countries

• To reduce the size of the trade deficit with other countries

• To maintain the current trade deficit

• To eliminate the trade deficit completely

What was the direct impact of China's 25% tariff on U.S.-made airplanes?

• An increase in Boeing's stock price

• A hit to Boeing and a decrease in the company's stock price

• An increase in U.S. airplane sales to China

• No impact on Boeing

What is the purpose of tariffs on imported goods?

• To promote international trade

• To reduce the revenue of the U.S. Treasury

• To make domestic products more competitive

• To increase the cost of imported goods

How do tariffs affect consumers?

• Tariffs have no impact on consumer prices

• Tariffs lead to a decrease in taxes for consumers

• Increased tariffs lead to lower prices for consumers

• Increased tariffs lead to higher prices for consumers