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Imported steel is a key input to cars produced in the UK. Because of COVID, many steel foundries have reduced their operations leading to a
Imported steel is a key input to cars produced in the UK. Because of COVID, many steel foundries have reduced their operations leading to a decline in the global steel supply and an increase in global steel prices. From the UK's point of view this development results in the UK's terms of trade:
a. To improve
b. To improve if car prices also decline
c. To deteriorate d. To stay the same
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