ESP231 - Unit 3: International Trade

1. What is the average tariff the U.S. imposed on Chinese goods as of April 2025?

• 34%

• 84%

• 125%

• 145%

How did China respond to the U.S. tariffs on its goods?

• Imposed a 125% tariff on U.S. goods

• Banned all U.S. imports

• Lowered tariffs to 50%

• Took no action

What measure did China implement in response to the U.S. tariffs?

• Increased tariffs on U.S. goods

• Filed a WTO complaint

• Restricted rare earth exports

• All of the above

When did the U.S. impose a 34% “retaliatory tariff” on Chinese products?

• February 2025

• March 2025

• April 2025

• May 2025

What is the strategic purpose behind China’s tariff exemption list for certain U.S. products?

• To prepare for more tariff increases

• To punish U.S. agriculture

• To quietly reduce tensions without appearing to concede

• No specific reason

What is the balance of trade?

• Balance between imports and exports

• Balance between income and expenditure

• Balance of monetary policy

• None of the above

Anti-dumping laws are intended to protect:

• Foreign firms

• Consumers

• Importers

• Domestic producers

Which is NOT typically a protectionist measure?

• Tariffs

• Subsidies

• Non-tariff barriers

• Capital inflows

A bilateral trade agreement is made between:

• A country and the WTO

• One country and multiple countries

• Two countries

• States within a country

What does the balance of payments (BOP) summarize?

• Domestic financial policy

• International economic transactions

• National tax revenue

• Population statistics