U.S.Rice Millers' Association claims that if the Japanese rice market were opened to imports by lowering __________,lower prices would save Japanese consumers $6 billion annually and the United States would gain a large share of the Japanese rice market.
A) boycotts
B) tariffs
C) quotas
D) sanctions
E) subsidies

Question

Quizplus · Accepted Answer

Tariffs are taxes or duties placed on imported goods, which increases the cost of the product for the consumer. If Japan were to lower their tariffs on rice imports, it would make rice from other countries, like the United States, more affordable for Japanese consumers. This could potentially result in savings of $6 billion for Japanese consumers and increase the market share for U.S. rice.

USRice Millers' Association Claims That If the Japanese Rice Market