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See Attached 

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

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.



1. How is a tariff different than a quota?

2. What is the strictest/tightest quota?

3. What are your options if a product already met the quota?

4. Which country was mostly affected by the quota on the U.S. steel products?

5. Was there a flexibility with regards to a recent steel quota?

6. What does it mean to “swing” in the context of a quota?

7. What is a part of the problem with a quota?

8. The podcast mentions the auction as a way to reduce risks about the meeting the quota limit.
From our in-class lecture notes on Tuesday, which area (a, b, c, or d) is associated with the
revenue from the auction?

9. What would be an example of Voluntary Export Restriction (VER)?

10. Why do foreign companies bother exporting steel to the U.S. despite the hassle associated
with a quota?