While NAFTA Eliminates Many Tariffs Immediately, the Tariffs on More

question 156

True/False

While NAFTA eliminates many tariffs immediately, the tariffs on more sensitive goods, such as glassware, footwear, and some fruits and vegetables, were phased out over a 15-year period.

---

Definitions:

Usefulness

The degree to which a product, service, or information fulfills a need or purpose.

Fixed Asset

A fixed asset is a long-term tangible piece of property or equipment that a company owns and uses in its operations to generate income. Fixed assets are not expected to be converted into cash in the short term.

Physical

Pertaining to objects, materials, or substances that occupy space and have measurable properties, often contrasted with digital or virtual counterparts.

Cost Basis

Cost basis represents the original value or purchase price of an asset for tax purposes, adjusted for factors like depreciation. It is used to calculate capital gains or losses upon disposal of the asset.