Assume that you have been appointed as the Speaker of the House. You must deliver a speech about the current state of the U.S. macro economy to a number of amateur reporters who are unfamiliar with economics.
Prepare a 750- to 1,050-word speech in simple terms and concepts that focus on international trade and foreign exchange rates.
Integrate a summary of your answers to the following questions and cite external research to further justify your facts:
• What happens when there is a surplus of imports brought into the U.S.? Cite a specific example of a product with an import surplus, and the impact that has on the U.S. businesses and consumers involved.
• What are the effects of international trade to GDP, domestic markets and university students?
• How do government choices in regards to tariffs and quotas affect international relations and trade?
• What are foreign exchange rates? How are they determined?
• Why doesn’t the U.S. simply restrict all goods coming in from China? Why can’t the U.S. just minimize the amount of imports coming in from all other countries?