Understanding Tariffs and Their Impact

What is the main concern regarding Trump's tariff plans?

• They might lower the cost of goods.

• They could increase the national deficit.

• They could improve international relations.

• They might lead to higher prices for everyday goods.

How do tariffs generally affect the cost of imported goods?

• They make domestic goods more expensive.

• They make imported goods cheaper.

• They have no effect on the cost.

• They increase the cost of imported goods.

What sectors might Trump's team focus on for targeted tariffs?

• Tourism and travel

• Luxury goods and fashion

• Medical supplies and energy production

• Education and research

What might be a reason for Trump's team to scale back on sweeping tariffs?

• To reduce the cost of imported goods

• To prevent widespread price increases

• To increase the national deficit

• To improve relations with Mexico

What could be a direct effect of tariffs on industrial materials?

• Lower prices for cars and appliances

• Increased availability of raw materials

• No change in product prices

• Higher prices for products relying on those materials

What could be a consequence of not generating enough revenue from tariffs?

• Reduction in national deficit

• Increased funding for social programs

• Potential cuts to social programs

• Improved economic stability

What is a potential trade-off of avoiding across-the-board tariffs?

• Increased support for vulnerable communities

• Stabilized inflation with reduced support for social programs

• Improved economic growth

• Higher inflation with increased social program funding

How might tariffs affect global trade?

• They could make American products cheaper overseas.

• They could enhance global trade relations.

• They might lead to retaliatory measures from other countries.

• They have no impact on global trade.

What is a potential impact of tariffs on the broader economy?

• Lower production costs

• Disruption in global trade

• Higher wages

• Increased job stability

What should individuals do to prepare for potential changes in tariffs?

• Invest in foreign markets

• Stay informed and adjust their budgets

• Increase discretionary spending

• Ignore the news