UPSC Prelims Practice Questions — Will not let U.S. dictate trade terms, says Carney ahead of bilateral talks

Question 1

The USMCA/CUSMA (successor to NAFTA) is distinguished as the first free trade agreement signed by the United States to incorporate which one of the following novel provisions?

Accepted Answer

A mandatory sunset clause with a joint term-extension review

Answer

An investor-state dispute settlement (ISDS) chapter

Answer

A most-favoured-nation treatment clause

Answer

A national treatment obligation for goods

Question 2

On the United States' side, the mandatory joint review of the USMCA is initiated and conducted by which one of the following agencies?

Accepted Answer

Office of the United States Trade Representative (USTR)

Answer

United States Department of Commerce

Answer

United States International Trade Commission

Answer

United States Department of State

Question 3

The North American Free Trade Agreement (NAFTA) came into effect in which year?

Accepted Answer

1994

Answer

1992

Answer

2018

Answer

2020

Question 4

Of the three signatory states, which country was the last to agree to join the successor pact (USMCA), doing so only at the end of September 2018?

Accepted Answer

Canada

Answer

Mexico

Answer

United States

Answer

All three agreed on the same day

Question 5

In retaliation to US tariffs, on 4 March 2025 Canada imposed a 25% duty on approximately how much worth of US goods (in the first tranche)?

Accepted Answer

USD 30 billion

Answer

USD 55 billion

Answer

USD 100 billion

Answer

USD 155 billion

Question 6

Among the US tariffs imposed on Canadian goods in 2025, which category faced the single highest ad valorem rate of 50%?

Accepted Answer

Steel and aluminium

Answer

Automobiles

Answer

Energy products

Answer

Most general imports

Question 7

Mark Carney holds which one of the following distinctions with respect to the Bank of England?

Accepted Answer

The first non-British national to serve as its Governor

Answer

Its first-ever Governor since inception

Answer

Its longest-serving Governor to date

Answer

The first professional economist to head it

Question 8

Under the WTO's dispute settlement architecture, the second and final stage of adjudication (reviewing the legal aspects of panel reports) is entrusted to which one of the following?

Accepted Answer

The Appellate Body

Answer

The Dispute Settlement Body's ad hoc panels

Answer

The Ministerial Conference

Answer

The General Council

UPSC Prelims Practice Questions — Will not let U.S. dictate trade terms, says Carney ahead of bilateral talks

Q1. The USMCA/CUSMA (successor to NAFTA) is distinguished as the first free trade agreement signed by the United States to incorporate which one of the following novel provisions?

Q2. On the United States' side, the mandatory joint review of the USMCA is initiated and conducted by which one of the following agencies?

Q3. The North American Free Trade Agreement (NAFTA) came into effect in which year?

Q4. Of the three signatory states, which country was the last to agree to join the successor pact (USMCA), doing so only at the end of September 2018?

Q5. In retaliation to US tariffs, on 4 March 2025 Canada imposed a 25% duty on approximately how much worth of US goods (in the first tranche)?

Q6. Among the US tariffs imposed on Canadian goods in 2025, which category faced the single highest ad valorem rate of 50%?

Q7. Mark Carney holds which one of the following distinctions with respect to the Bank of England?

Q8. Under the WTO's dispute settlement architecture, the second and final stage of adjudication (reviewing the legal aspects of panel reports) is entrusted to which one of the following?