Vocabulary:
- eradicate /ih-RAD-i-keyt/
- tariff /TAR-if/
- comprise /kuhm-PRAHYZ/
- impose /im-POHZ/
- levy /LEV-ee/
[verb] to get rid of something completely
The government wishes to eradicate inequality in our society.
[noun] a charge either for services or on goods entering a country
Developing countries impose tariffs to increase their budget.
[verb] to consist of or to be made up of
The agriculture industry comprises the 50% of the country’s economy.
[verb] to officially order that order that a rule, tax, punishment, etc will happen
The school imposed new rules for better classroom management.
[verb] to officially ask for an amount of money, such as a tax
People are worried because of the new way of levying taxes.
The European Union (EU) and Japan agreed to sign an enormous free trade contract. The purpose of this deal is to eradicate tariffs approximately on all goods. According to the report, the agreement comprises a third of the global economy and covers more than 600 million people. Imposing taxes is one of the barriers of international trade.
European exports such as cheese and wine can now be traded without levying taxes. Japanese automakers and electronics companies can also transact business freely. The collective amount of the trade that the European Union and Japan have is 152 billion dollars of goods last year. The President of the EU considers the deal as the largest bilateral trade ever.
European exports such as cheese and wine can now be traded without levying taxes. Japanese automakers and electronics companies can also transact business freely. The collective amount of the trade that the European Union and Japan have is 152 billion dollars of goods last year. The President of the EU considers the deal as the largest bilateral trade ever.
True or False:
- The European Union and Japan signed a peace treaty.
- The main purpose of the deal is to increase the budget of Japan.
- Japanese automakers and electronics companies can now transact business smoothly.
- The total amount of the trade that the EU and Japan have is 152 billion dollars of goods last year.
- The president of Japan considers the deal as the the largest bilateral trade ever.
Discussion Questions:
- How does the deal affect the economy of Japan and EU? Please explain your answer.
- Do you think the deal will have a successful result in the long run?
- In your opinion, what are the advantages of imposing tariffs?
- Do you think international trade is essential to a country?
- What do you think will happen to the world if there is no international trade?
Express Your Opinion:
- “Every man lives by exchanging.”- Adam Smith
- “The power to tax is the power to destroy.” – John Marshall
- “A strong economy begins with a strong, well-educated workforce.” – Bill Owens