Understanding US trade tariffs and economic policy
1. Warm-up discussion
Discuss these questions:
- What is a "tariff"? Have you heard about them in the news or in relation to trade between countries?
- How do you think tariffs might affect consumers (people buying goods) and businesses?
- Do you think countries should use tariffs to protect their own industries, or should trade always be free?
2. Listening: US trade tariffs
Watch the video and fill in the gaps with the exact words you hear. You can watch it multiple times if needed.
Full video URL: https://www.youtube.com/watch?v=PxXK4L_bRU4
Let's begin in Washington with the latest news on the front. Meghan, we had heard things were a little with the Japanese, which was supposed to be one of the first deals announced.
These would be 25% on all Japanese and South Korean exports into the U.S, effective on August 1st. He also said any would lead to a commensurate increase in the tariff rate.
While the markets and investors have been craving , they're not exactly getting it with this letter.
There isn't enough to sort of negotiate deals. So despite all the in these letters, we are seeing them follow through on that threat just delaying down the road a little bit further.
3. Key vocabulary from the video
Drag the terms from the word bank to match them with their correct definitions.
4. Grammar focus: Past Simple Passive
The Past Simple Passive is used to describe an action that happened in the past when the focus is on the action itself or the receiver of the action, rather than the doer. It's often used when the agent (the person or thing performing the action) is unknown, unimportant, or obvious from the context, especially in news reports or formal writing about events.
Structure: was / were + past participle (V3)
Example (Active): "The government announced the new tariffs."
Example (Passive): "The new tariffs were announced by the government."
Choose the correct verb form (active or passive):
1. The president's letter _______ to the leaders of Japan and South Korea.
2. 25% tariffs _______ on all Japanese and South Korean exports.
3. The Treasury Secretary also _______ about the capacity to do deals.
4. The deadline for the tariffs _______ from July 9th to August 1st.
5. Investors _______ more certainty in the market.
6. The reciprocal rates _______ back in on April 2nd.
5. Practice with idioms
Complete the sentences using these idioms, which were either used or implied in the video's context of negotiations and economic policy:
2. When the company announced stricter policies, everyone knew they .
3. After several rounds of discussions, both parties finally managed to .
4. Despite the rising inflation, some economists tried to the concerns about a recession.
5. The unexpectedly strong economic growth does for job creation next year.
6. Vocabulary in context
Use the vocabulary words from exercise 3 to complete the sentences below.
2. The discussion about the budget became quite among the committee members.
3. Any economic from other countries could significantly harm our exports.
4. The salary offered was not with her experience and qualifications.
5. Investors are always looking for in the market, but it's often unpredictable.
6. Despite all the political , no real policy changes have been implemented yet.
7. I don't have the to take on any more projects this month.
7. Grammar practice: Active to passive
Rewrite the following sentences in the past simple passive. Remember to include "by + agent" if it's important.
(Passive)
2. (Active) The U.S. government imposed 25% tariffs on Japanese exports.
(Passive)
3. (Active) Officials delayed the deadline for new tariffs.
(Passive)
8. Speaking practice: Economic outlook
Discuss these questions with a partner. Try to use the vocabulary and grammar (Past Simple Passive) from this lesson.
- The video mentions that negotiations were contentious. Can you think of reasons why trade negotiations between countries might be difficult or controversial?
- If you were an economic advisor, what advice would you give regarding the use of tariffs? Would you recommend them for certain situations?
- The market often craves certainty. How do events like trade wars affect the global economy, and how can businesses and investors prepare for such uncertainty?