Dear MEL Topic Readers,
A simple illustrated guide to 15 economic terms to know
In 2018, the first Trump administration began setting tariffs and other trade barriers on China to reduce the trade deficit. In 2022, the Biden administration introduced a number of new export limits and expanded sanctions to protect US economic and military interests from China. On February 1, the second Trump administration increased reciprocal tariffs on China by 10%, and China responded with 10% to 15% retaliatory tariffs just three days later. On March 3, the US raised levies on Chinese goods by another 10%, and China retaliated by imposing a 15% tariff on certain US goods the next day. This tit-for-tat trade war has escalated and expanded to other countries this month, slashing trillions of dollars from stock markets around the world and sending world leaders scrambling to respond. Are you familiar with these economic terms, such as trade deficit, reciprocal and retaliatory tariffs, and trade agreements?
Read the article and learn 15 economic terms that have been in the news media recently.
https://www.aljazeera.com/economy/2025/4/11/trumps-tariffs-a-simple-illustrated-guide-to-15-economic-terms-to-know
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