Consider the following changes. Analyse how each change would affect the real exchange rate, exports, and imports. Provide an explanation for each effect.

a$)$ Increased savings in Asia causing a reduction in the world interest rate.

b$)$ The Bank of Canada lowering its target interest rate.

c$)$ An upgrade in the rating of Canadian assets, attracting more investment from Europe.

d$)$ A depreciation of the Canadian dollar due to geopolitical uncertainty.

e$)$ A rise in tariffs on Canadian exports imposed by major trading partners.