While NAFTA Eliminates Many Tariffs Immediately, the Tariffs on More

question 79

True/False

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

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Definitions:

Trade Deficit

A situation that occurs when a country's imports of goods and services exceed its exports.

Merchandise Balance

The difference in value between a country's imports and exports of goods.

Services Balance

The difference between a country's exports and imports of services.

Balance Of Trade

The difference between a country's exports and imports of goods.