Before you answer your grandmother's questions, you first need to explain how the BLS (Bureau of Labor Statistics) calculates the CPI. "Well, Grandma, there are four basic steps". Rank the following steps in order, from the first step to the last. A. Come up with a basket of goods bought by a typical consumer.
B. Convert the cost of a basket to an index number.
C. Calculate how much the basket costs in each period.
D. Find out the prices of the different goods

A-Come up with a basket of goods bought by a typical consumer.

D-Find out the prices of the different goods.

C-Calculate how much the basket costs in each period.

B-Convert the cost of a basket to an index number.

Explanation: A Consumer Price Index is basically used to measure changes in the price level of a weighted average market basket of consumer goods and services purchased by households. It is used to measure inflation. Four steps are required when measuring the Consumer price index of an household. They include ;

Coming up with a list of items or good basket purchased by a consumer. Once that has been done, the prices of the separate items and cost of items at different times or period then convert.

trade regulation is a field of law, often bracketed with antitrust (as in the phrase “antitrust and trade regulation law”), including government regulation of unfair methods of competition and unfair or deceptive business acts or practices. antitrust law is often considered a subset of trade regulation law. franchise and distribution law, consumer protection law, and advertising law are sometimes considered parts of trade regulation law.

in general the theory of economics says that the more open to trade a country is the better   the result for the same country and the whole economies.

in real life countries impose taxes, quotas, etc which is not so good for the economies.

this kind of commercial war between the usa and china is slowing down the growth of the whole world so we can say that it is a draw back of trade regulations. and the free trade agreements are benefits of trade regulations.