RSM100 CASES + CONCEPTS Exam | Questions
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Terms in this set (53)
When the U.S tariffs foreign imports, The company who imports the goods and
who pays the tariff? eventually the consumer themselves
The Chicken War: How does it Imposed tariff on German cars after they cut
illustrate the effects of tariffs on chicken sales, tariffs still exist 60 years later, drove
international trade? up domestic costs for US consumers
What were the consequences of the - Created 1800 jobs but cost 1.5 billion for
Trump administration's tariffs on consumers
washing machines in 2018? - US collected 82 million in tariffs
- Each new job cost economy 815K
Trump doubled steel & aluminum - Designed to punish China for violating trade
tariffs from 25% to 50%. What effects agreements
could these new tariffs have? - Meant to help with national security as aluminum
is needed for military equipment and they didn't
want to depend on another country
- Tried to protect US producers
- US customers had to pay extra costs
- Lots of job loss
- American companies lost competitiveness
because their things became more expensive
, Why are tariffs difficult to remove - Used in the future as bargaining chips
once they are imposed? - Micro industries benefit from tariffs, and they
lobby the government to keep them
What are the long-term - Reduces competition
consequences of maintaining tariffs? - Higher chances of retaliatory tariffs
- Creates inefficiencies
- Tariffs persist for decades
What are the potential benefits for - More secure industry, protect their industry
the U.S of Trump's tariffs on Canadian - Less reliant on other countries, stable supply
imports? chain
- Incentives manufacturers to come to US
- Gives them upper hand to manage borders
(fentanyl)
- Can create some jobs, and keeps jobs in US
What is the potential negative - Stuff becomes more expensive for consumers
impacts U.S. imposed tariffs on both and producers
the U.S/Canada? - Takes time to implements; finding workers,
building factories, etc
- Create volatile environment, hard to make long
term decisions with such significant short term
fluctuations
- Job loss
- Retaliatory tariffs
- Chance of losing long term relationships
What is the potential negative - Economic slowdown
impacts U.S. imposed tariffs specific - Things cost more so we can't sell as much
to Canada? - Weakens Canadian dollar
- Trade war developing
with 100% Correct Answers | Verified | Latest
Update 2026
Save
Terms in this set (53)
When the U.S tariffs foreign imports, The company who imports the goods and
who pays the tariff? eventually the consumer themselves
The Chicken War: How does it Imposed tariff on German cars after they cut
illustrate the effects of tariffs on chicken sales, tariffs still exist 60 years later, drove
international trade? up domestic costs for US consumers
What were the consequences of the - Created 1800 jobs but cost 1.5 billion for
Trump administration's tariffs on consumers
washing machines in 2018? - US collected 82 million in tariffs
- Each new job cost economy 815K
Trump doubled steel & aluminum - Designed to punish China for violating trade
tariffs from 25% to 50%. What effects agreements
could these new tariffs have? - Meant to help with national security as aluminum
is needed for military equipment and they didn't
want to depend on another country
- Tried to protect US producers
- US customers had to pay extra costs
- Lots of job loss
- American companies lost competitiveness
because their things became more expensive
, Why are tariffs difficult to remove - Used in the future as bargaining chips
once they are imposed? - Micro industries benefit from tariffs, and they
lobby the government to keep them
What are the long-term - Reduces competition
consequences of maintaining tariffs? - Higher chances of retaliatory tariffs
- Creates inefficiencies
- Tariffs persist for decades
What are the potential benefits for - More secure industry, protect their industry
the U.S of Trump's tariffs on Canadian - Less reliant on other countries, stable supply
imports? chain
- Incentives manufacturers to come to US
- Gives them upper hand to manage borders
(fentanyl)
- Can create some jobs, and keeps jobs in US
What is the potential negative - Stuff becomes more expensive for consumers
impacts U.S. imposed tariffs on both and producers
the U.S/Canada? - Takes time to implements; finding workers,
building factories, etc
- Create volatile environment, hard to make long
term decisions with such significant short term
fluctuations
- Job loss
- Retaliatory tariffs
- Chance of losing long term relationships
What is the potential negative - Economic slowdown
impacts U.S. imposed tariffs specific - Things cost more so we can't sell as much
to Canada? - Weakens Canadian dollar
- Trade war developing
