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Tariff
A tax imposed on imported goods and services, which can affect trade balances, prices, and even the economy as a whole.
Trade Deficit
A scenario in which a nation imports more goods and services than it exports, leading to a negative trade balance.
Oil
A fossil fuel that is a primary source of energy for heating, transportation, and the production of many goods, playing a critical role in the global economy.
Trade Deficit
A situation in which a country's imports of goods and services exceed its exports, indicating that it is buying more from other countries than it is selling to them.
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