Who or what do the three characters represent?

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Presentation transcript:

Bellwork: November 14th Objective: Define a tariff and explain how it can impact trade Who or what do the three characters represent? What is on the sheet that they are holding? Why do you think that they are pulling it tight?

Textbook page 161 and Burrito Book

Canada’s trading with the USA Read the first and second paragraph on page 161. The United States and Canada have the world’s largest trading relationship.

Canada’s imports and exports Canada imports about 50% of its goods from the USA Canada exports about 75% of its goods to the USA USA USA

Tariff = A tax on imported goods Before reading the third paragraph you need to know a vocabulary word… Tariff = A tax on imported goods Why? Read 3rd paragraph beneath “Trade” on page 161. See political cartoon on next slide.

Purpose of a tariff What happened to the tires that were made in China? How did the US tariff prevent the tire from progressing? What impact would a US tariff have on tires that were made in China?

NAFTA Canada, USA, and Mexico have a special agreement to not charge tariffs on each other’s products. (NAFTA) N = North A = America F = Free T = Trade A = Agreement

In review… How would you describe the trading relationship between the US and Canada? What is a tariff? What is NAFTA? How does a tariff impact trade? In your groups, create a Haiku-style poem about a tariff and its impact on trade. 5 syllables 7 syllables