MAH LLB 3 Year CET 2026 (1 April Shift 1)
Consider the following statements regarding U.S. tariffs on Indian exports:A)The U.S. says India sells much more to America than it buys, so the trade gap is large.B)The U.S. feels India puts high taxes and restrictions on goods coming from America.Which of the above statements is true?
Answer (Detailed Solution Below)View answer ▾Hide ▴
Answer: Option C — Both A and B are true
Detailed Solution
The U.S. justified its 2025 'reciprocal' tariffs on India on two grounds: a large U.S. trade deficit with India and India's high tariffs and non-tariff barriers on American goods.
Both statements describe the U.S. position, so both are true.
💬 Discussions on this question
Ask a doubt ›Still stuck on this question? Ask our faculty and fellow students — answers appear here.
Ask a doubtMore Economic Reforms & Foreign Trade Questions
View all ›- Q1.A systematic record that summarises all the economic transactions of a country with the rest of the world in a year is called the:
- Q2.The Foreign Exchange Regulation Act (FERA) was replaced in 1999 by the:
- Q3.The price of one unit of a foreign currency in terms of the domestic currency is called the:
- Q4.When the value of a country's imports of goods exceeds the value of its exports, it is called a:
- Q5.A trade policy that does not restrict imports or exports through tariffs or quotas is called:
More General Knowledge Questions
- Q1.The techniques of Rasa and Bhava used in Indian classical dance trace their origin to which ancient text?Indian Dance Forms
- Q2.Lavani, Powada, Koli, Waghya Murali and Dhangari Gaja are folk dances of which state?Indian Dance Forms
- Q3.The one-act play associated with the Sattriya tradition of Assam is called:Indian Dance Forms
- Q4.Which dance form of Goa is known as the 'Warrior Dance'?Indian Dance Forms
- Q5.Manipuri dance is based on the Rasleela themes of:Indian Dance Forms
Economic Reforms & Foreign Trade — Preparation
This question tests your understanding of Economic Reforms & Foreign Trade, a key topic in the General Knowledge section. The detailed solution above uses a step-by-step approach to show the reasoning, and where available, a shortcut that helps you solve similar questions in under 90 seconds during the actual exam.
This topic covers the 1991 economic reforms (liberalisation, privatisation and globalisation), industrial policies, foreign trade and India's main trading partners, balance of payments, current and capital accounts, exchange rates, FDI and FPI, and foreign trade policy. Common questions ask what LPG stands for, what the current account includes, the difference between FDI and FPI, and what devaluation of the rupee means. The 1991 reforms were introduced by the government of P. V. Narasimha Rao, with Manmohan Singh as Finance Minister. Practise the economic reforms and foreign trade questions below, written in the style of the general awareness sections of exams such as SSC, banking, railways, CUET GAT, MAH CET and CLAT. Each question comes with a detailed explanation that adds related facts, so every question helps you revise more than one point.