UPSC Prelims Practice Questions — Gem, jewellery firms smile on U.S. SC tariff order

Question 1

India's gem and jewellery export sector, which welcomed the relief from the U.S. Supreme Court tariff ruling, is represented by an apex export promotion council that functions under which Union Ministry?

Accepted Answer

Ministry of Commerce and Industry

Answer

Ministry of Finance

Answer

Ministry of Micro, Small and Medium Enterprises

Answer

Ministry of Textiles

Question 2

The U.S. tariffs whose striking down brought relief to Indian gem and jewellery exporters were held by the U.S. Supreme Court to have been imposed in excess of presidential authority under which U.S. statute?

Accepted Answer

International Emergency Economic Powers Act, 1977 (IEEPA)

Answer

Section 232 of the Trade Expansion Act, 1962

Answer

Section 301 of the Trade Act, 1974

Answer

Smoot-Hawley Tariff Act, 1930

Question 3

By approximately what percentage did India's cut and polished diamond exports to the United States fall amid the elevated U.S. tariffs preceding the Supreme Court order?

Accepted Answer

About 60%

Answer

About 18%

Answer

About 26%

Answer

About 45%

UPSC Prelims Practice Questions — Gem, jewellery firms smile on U.S. SC tariff order

Q1. India's gem and jewellery export sector, which welcomed the relief from the U.S. Supreme Court tariff ruling, is represented by an apex export promotion council that functions under which Union Ministry?

Q2. The U.S. tariffs whose striking down brought relief to Indian gem and jewellery exporters were held by the U.S. Supreme Court to have been imposed in excess of presidential authority under which U.S. statute?

Q3. By approximately what percentage did India's cut and polished diamond exports to the United States fall amid the elevated U.S. tariffs preceding the Supreme Court order?