Understanding Tariffs and Their Impact

What are tariffs primarily considered as?

• Subsidies on domestic goods

• Taxes on imported goods

• Discounts on exports

• Incentives for local businesses

What is the proposed tariff rate on goods from China?

• 40%

• 60%

• 20%

• 10%

How much more could a new smartphone cost under the proposed tariffs?

• 50% more

• 25% more

• 10% more

• 5% more

Why is it challenging to switch to US-made electronics?

• Lack of demand

• Complex supply chains

• High labor costs

• Limited technology

By how much are clothing prices expected to increase?

• 18%

• 5%

• 12%

• 25%

What is the expected increase in furniture prices due to tariffs?

• 25% to 30%

• 15% to 20%

• 6% to 10%

• 1% to 3%

What could be the impact of tariffs on auto parts?

• Increase in repair costs

• Increase in fuel efficiency

• No change in prices

• Decrease in prices

Which food items are at risk of becoming more expensive due to tariffs?

• Baked goods

• Dairy products

• Fresh produce and coffee

• Canned goods

What is a recommended strategy for consumers facing rising prices?

• Buy only luxury items

• Ignore price changes

• Wait for prices to drop

• Stock up on non-perishables

How can consumers make smarter financial decisions in light of tariffs?

• Invest in foreign markets

• Rely solely on credit cards

• Avoid all purchases

• Stay informed about policy changes