Tariff | MCQs

Explanation

In 2018, the United States imposed $60 billion in tariffs on China under President Donald Trump, citing unfair trade practices and intellectual property theft.

This move was a key part of the US-China trade war, aimed at reducing the trade deficit and pressuring China to change its economic policies.

Explanation

Reduces the volume of trade

Tariffs are government-imposed taxes on goods and services imported from other countries that aim to raise prices, make imports less desirable, or at least less competitive, compared to domestic goods and services.

Explanation

Free trade refers to a trade policy where a country does not impose any tariffs, quotas, or other restrictions on imports or exports.

This means that goods and services can be traded between countries without any government interference or protectionism.

Explanation

China announced 84 percent of Tariffs on US Goods in Response to Trade War Escalation.

In response to the Trump administration's 104% tariffs on Chinese imports, China raised its tariffs on US goods to as high as 84%.

On April 9, 2025 US President Donald Trump announced a 90-day pause on tariffs for all countries except China. 

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Explanation

The GSP+ status provided 66% relief on tariffs for Pakistani goods.

This allowing easier access to European markets by reducing trade barriers.

Explanation

A tax on imports, Exports or consumption goods is called Duty.

Explanation

A custom is a tax imposed on goods that are imported into or exported out of a country.

This tax is primarily used to regulate trade, protect domestic industries, and generate revenue for the government.

Explanation

glucose tolerance test (GTT)

Explanation

WTO stands for World Trade Organization.

Founded in January 1, 1995.

Headquarters located in Geneva.

Tariff barrier means higher tariff or additional tariff.

Roberto Azevdo 

Explanation

• Pakistan and Turkiye on 12 August 2022 signed a Preferential Trade Agreement (PTA) aimed at boosting trade between the two countries.
• The PTA will come into effect from January 1, 2023.