Tariffs are taxes or duties imposed by a government on
imported goods. They are one of the oldest and most common
instruments of trade policy and are used to control the flow
of foreign goods into a country, protect domestic industries,
and generate revenue for the government. Tariffs can be
specific (a fixed fee per unit of the imported good) or ad
valorem (a percentage of the value of the imported
good).
How Tariffs Work
When a country imposes tariffs, it sets a tax on
imported goods. Importers must pay these taxes when the goods
enter the country, which typically increases the cost of the
imported goods. This cost increase can make imported goods
more expensive for consumers, which can lead to several
potential outcomes:
Reduced Imports: Higher costs
for imported goods can lead to a decrease in the
quantity of goods imported.
Increased Domestic Production:
By making imported goods more expensive, tariffs can
make domestically produced goods more competitive,
potentially boosting local industries.
Higher Consumer Prices: The
increased costs of imported goods can be passed on to
consumers, leading to higher prices for goods and
services.
Consequences of Tariffs
The imposition of tariffs can have a wide range of
consequences, both positive and negative:
Economic Consequences
Consumer Impact: Consumers
often bear the brunt of tariffs through higher prices
for goods and services. This can reduce consumer
purchasing power and overall demand for certain
products.
Business Impact: For businesses
that rely on imported raw materials or components,
tariffs can increase production costs, which may
result in higher prices for end products or reduced
profit margins.
Trade Relations: Tariffs can
strain trade relations between countries, potentially
leading to trade wars where countries retaliate by
imposing their own tariffs.
Government Revenue: Tariffs can
provide a source of revenue for governments, which can
be used to fund public services or reduce the budget
deficits.
Social and Political Consequences
Protectionism: Tariffs are
often used as a tool for protectionism, shielding
domestic industries from foreign competition. While
this can preserve local jobs and industries, it can
also stifle innovation and efficiency.
International Relations:
Tariffs can lead to tensions and conflicts between
trading partners, affecting diplomatic relations and
international cooperation.
Inequality: Tariffs can
disproportionately affect low-income consumers, who
maybe more sensitive to price increases for essential
goods.
Why Governments Participate in Tariffs
Governments impose tariffs for several reasons:
Protecting Domestic Industries:
By making imported goods more expensive, tariffs can
help protect domestic industries from foreign
competition, preserving local jobs and
businesses.
Generating Revenue: Tariffs can
be a significant source of revenue for governments,
especially in countries with limited tax collection
capabilities.
Trade Policy: Governments use
tariffs as part of their trade policy to negotiate
better trade terms with other countries or to
retaliate against unfair trade practices.
National Security: In some
cases, tariffs are imposed to protect industries that
are considered vital to national security, such as
defense and critical infrastructure.
Pros and Cons of Tariffs
Pros
Domestic Industry Protection:
Tariffs can provide a competitive advantage to
domestic industries, helping them grow and maintain
employment.
Government Revenue: Tariffs can
generate significant revenue for governments, which
can be used to fund public services.
Trade Leverage: Tariffs can be
used as leverage in trade negotiations, helping
governments secure better trade deals.
Cons
Higher Consumer Prices: Tariffs
often result in higher prices for consumers, reducing
their purchasing power and overall demand.
Economic Inefficiency: By
shielding domestic industries from competition,
tariffs can lead to inefficiencies and a lack of
innovation.
Trade Wars: Tariffs can provoke
retaliatory measures from other countries, leading to
trade wars that can harm global trade and economic
growth.
Impact on Low-Income Consumers:
Tariffs can disproportionately affect low-income
consumers, who may struggle with higher prices for
essential goods.
Wed, 07 May 2025 08:30:00 GMT Here's Experian's guide to what you need to know about how tariffs work and how they may affect your wallet. When a country imposes a tariff, any affected goods imported into that country will be ...
Fri, 25 Apr 2025 12:55:00 GMT Trump has said he will simply set new tariff rates negotiated internally within the U.S. government over the ... their heads in bewilderment. And the consequences of all this tariffs turmoil ...
Wed, 23 Apr 2025 09:11:00 GMT More Americans disapprove than approve of the Trump administration's government cuts, tariffs increases and ending of federal DEI policies.
Wed, 16 Apr 2025 13:14:00 GMT Jack Posobiec, a MAGA activist, also had a loose understanding ... from the effects of Trump’s tariff polices, the gutting of Social Security and Medicaid, the Department of Government ...
Tue, 15 Apr 2025 17:00:00 GMT The Trump administration announced new across-the-board tariffs on April 2 ... trade modeling like this will be particularly valuable in understanding the U.S. and global economic consequences of ...
Security Council briefing by Khaled Khiari, Assistant Secretary-General for the Middle East, Asia and the Pacific, on Non-proliferation/Democratic People's Republic of Korea.
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This year marks the final year of the DPRK’s five-year military development plan (2021-2025). Throughout 2024 and early 2025, the DPRK has continued to conduct launches of ballistic missiles, including what it characterized as the “Hwasong-19” intercontinental ballistic missile (ICBM) in October last year, and an intermediate-range hypersonic ballistic missile (IRBM) in January this year.
According to the International Atomic Energy Agency (IAEA), the DPRK has continued its open displays of undeclared uranium enrichment facilities located in Yongbyon and Kangson. These events have been accompanied by statements reiterating the DPRK’s intention to further develop nuclear and ballistic missile capabilities, including tactical nuclear warheads, military reconnaissance satellites, and the construction of a “nuclear-powered strategic missile submarine”.
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The DPRK’s persistent pursuit of nuclear weapons and ballistic missile programmes, in violation of relevant Security Council resolutions, continues to undermine the global nuclear disarmament and non-proliferation regime, and the Treaty on the Non-Proliferation of Nuclear Weapons (NPT) that underpins it. At this critical juncture, it remains as important as ever to continue to highlight the urgent need to reduce nuclear risk, prevent any use of a nuclear weapon and bring about their total elimination. We continue our strong calls on the DPRK to fully comply with its international obligations, including the NPT and IAEA safeguards, and to sign and ratify the Comprehensive Nuclear-Test-Ban Treaty.
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The broader security landscape on the Korean Peninsula remains tense, with heightened military activities, limited avenues for inter-Korean and regional dialogue, the presence of nuclear risks and growing concerns over the potential for miscalculation. The Secretary-General has consistently underscored that sustainable peace and the complete and verifiable denuclearization of the Korean Peninsula must be anchored in dialogue and diplomacy. We welcome any efforts in this respect.
Published: 9th May 2025 02:30:20 By: United Nations
United Nations Video: Advancing Global Scientific Cooperation for Sustainable Development | United Nations
Advancing Global Scientific Cooperation for Sustainable Development: Leveraging Quantum Science for a Resilient Future - High-Level Event.
Session Objectives:
Promoting global scientific collaboration and knowledge exchange:
Discuss ways to advance global scientific collaboration, leveraging opportunities such as the International Decade of Sciences for Sustainable Development (IDSSD, 2024-2033) and the International Year of Quantum Science and Technology (2025). Emphasize the importance of inclusive scientific engagement to tackle global challenges and support sustainable development, with a focus on participation from traditionally underrepresented regions.
Showcasing inclusive success stories:
Present success stories and case studies that illustrate ICTP's commitment to inclusivity and diversity in scientific research. Demonstrate how these initiatives promote gender equality, empower scientists from developing countries, and contribute to building a more diverse global scientific community.
Strengthening the science-policy interface based on enhanced trust in science:
Discuss the role of the science-policy interface in informing policy decisions at the UN, and how research and innovations are translated into actionable policies that address global challenges and contribute to the achievement of the SDGs.
Published: 8th May 2025 11:40:35 By: United Nations
United Nations Video: Ageing: High-level meeting - General Assembly, 79th session | United Nations
The high-level meeting will provide an opportunity to exchange views and share experiences on the recommendations included in decision 14/1 of the Open-ended Working Group on Ageing, in an equitable and non-exclusive manner, and to define next steps on the challenges and opportunities regarding the rights and well-being of older persons.
Opening segment
H. E. Mr. Philemon Yang, President of the General Assembly
Ms. Ilze Brands Kehris, Assistant Secretary-General for Human Rights
Ms. Bjørg Sandkjær, Assistant Secretary-General for Policy Coordination, Department of Economic and Social Affairs
Ms. Claudia Mahler, Independent Expert on the enjoyment of all human rights by older persons
Ms. Rigbe Gebrehawaria, Commissioner for Women, Children, Older Persons and Disability Rights of the Ethiopian Human Rights Commission
Ms. Silvia Perel-Levin, Representative of the International Network for the Prevention of Elder Abuse (INPEA) and the International Longevity Centre Global Alliance (ILC GA)
Plenary segment
Interventions by Member States and observers of the General Assembly.
To watch in all UN official languages, please visit: https://webtv.un.org/en/asset/k11/k11u3rl9xq
Published: 8th May 2025 10:57:31 By: United Nations
United Nations Video: Ukraine on the situation in the country - Media Stakeout | United Nations
Informal comments to the media by Khrystyna Hayovyshyn, Chargée d'Affaires of the Permanent Mission of Ukraine to the United Nations, on behalf of Ukraine, Albania, Austria, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Montenegro, North Macedonia, Norway, the Netherlands, Portugal, Republic of Moldova, Romania, Slovakia, Slovenia, Spain, Sweden, the United Kingdom and the European Union, on the situation in Ukraine.
Published: 8th May 2025 08:20:24 By: United Nations
United Nations Video: Sudan, South Sudan, UNRWA & other topics - Daily Press Briefing
Noon briefing by Farhan Haq, Deputy Spokesperson for the Secretary-General.
Highlights:
- Secretary-General/ Chief Executives Board
- Sudan
- Sudan/ Food Assistance
- South Sudan
- UNRWA
- Occupied Palestinian Territory
- UNIFIL
- Haiti
- Democratic People's Republic of Korea
- Senior Personnel Appointment - Special Envoy to Combat Islamophobia
- International Day
SECRETARY-GENERAL/ CHIEF EXECUTIVES BOARD
The Secretary-General is in Denmark, where today he is chairing the biannual session of the UN System Chief Executives Board for Coordination, also known as the CEB, which brings together the heads of the UN system organizations.
During their biannual session, the Chief Executives Board Members will reflect on current world affairs as they affect and are related to the UN system. They will also engage in deliberations on 'Adapting to New Realities: Leveraging the UN80 Initiative' and 'Upholding Respect for International Law'.
SUDAN
A statement we issued last night expressed the Secretary-General’s grave concern that recent drone attacks in Port Sudan, the main entry point for humanitarian aid into Sudan, threaten to increase humanitarian needs and further complicate aid operations in the country. The Secretary-General warns that this major escalation could lead to large-scale civilian casualties and further destruction of critical infrastructure.
The Secretary-General is alarmed at the expansion of the conflict into an area that has served as a place of refuge for large numbers of people displaced from the capital, Khartoum, and other areas.
The Secretary-General reiterates that all parties to the conflict must comply with their obligations under international humanitarian law. They must not direct attacks against civilians and civilian objects; must take all feasible precautions to avoid, and in any event to minimize, incidental civilian casualties; and must allow and facilitate rapid and unimpeded passage of humanitarian relief for civilians in need.
The Secretary-General calls on the parties to engage constructively with the mediation support mechanisms already in place to assist the parties to reach a political solution, underscoring the United Nations’ continued support to help find a way out of this crisis. He renews his call for an immediate cessation of hostilities and stresses that dialogue is the only way to achieve the peace that the people of Sudan demand. The full statement is online.
SUDAN/ FOOD ASSISTANCE
And further on Sudan, our colleagues at the World Food Programme are saying that in Tawila, families who fled horrific violence in El Fasher have received vital food and nutrition supplies.
WFP says that the Agency supported more people than originally planned as needs are overwhelming with hundreds of thousands displaced, and more aid is on its way in the coming week.
SOUTH SUDAN
Moving to South Sudan, where our mission, UNMISS, and partners—the African Union, the Intergovernmental Authority on Development or IGAD, and the Reconstituted Joint Monitoring and Evaluation Commission, have jointly called on South Sudan’s leaders to cease ongoing hostilities immediately and urgently progress inclusive peace implementation.
They urged swift, thorough and impartial investigations into security escalations so that responsible parties can be held to account and public trust, restored.
Full Highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=08%20May%202025
Published: 8th May 2025 06:34:30 By: United Nations
CNN Video: Sources: Newark controllers lose radar, radio contact again
Air traffic controllers handling flights approaching and departing Newark Liberty International Airport experienced another outage early Friday morning. The blackout included losing radar for about 90 seconds at Newark Terminal Radar Approach Control at 3:55 a.m. local time, a source with knowledge of the incident tells CNN. A separate source adds that the facility also lost radio communications. #CNN #News
Published: 9th May 2025 05:49:22 By: CNN
CNN Video: Crowd flocks to Menendez brothers courtroom
Courthouse officials are holding a raffle for seats inside a Menendez brothers hearing in Van Nuys, California. CNN's Nick Watt explains why there is so much renewed interest in the case. #CNN #News
Published: 9th May 2025 05:44:23 By: CNN
CNN Video: Sean ‘Diddy’ Combs’s new look during his sex trafficking trial
Like all criminal defendants, Sean “Diddy” Combs is required to be in the courtroom during his sex-trafficking trial. CNN’s Kara Scannell says Diddy is sporting a new look that may reveal how seriously he’s taking this case. #cnn #news #diddy #trial
Published: 9th May 2025 05:41:55 By: CNN
CNN Video: Newark experiences another communications outage
Air traffic controllers handling flights approaching and departing Newark Liberty International Airport experienced another outage early Friday morning. The blackout included losing radar for about 90 seconds at 3:55 a.m. local time, the Federal Aviation Administration said in a statement. #cnn #cnnnews
Published: 9th May 2025 05:35:06 By: CNN
CNN Video: New pope’s brother explains why the experience is ‘bittersweet’
John Prevost, Pope Leo XIV’s older brother, was sitting in the living room reading a book when he got word white smoke rose above the Sistine Chapel. Little did he know, it would be a moment that would make history. His brother would become the first US-born pontiff. #CNN #News
Published: 9th May 2025 05:02:23 By: CNN
BBC News Video: Who benefits most from the UK-US deal? | BBC Newscast
Today, the UK and US have both described the deal as a success - but who really benefits from their tariff agreement? The deal was announced in a call between UK Prime Minister Keir Starmer and Donald Trump - from the Oval Office.
Adam and Alex are joined by Dharshini David, BBC deputy economics editor and James Landale the BBC’s diplomatic correspondent to discuss the deal, and whether this has turned around a tricky week for the PM.
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#BBCNews
Published: 9th May 2025 05:47:23 By: BBC News
BBC News Video: Vladimir Putin hosts Chinese President Xi Jinping at Russia's Victory Day Parade | BBC News
President Vladimir Putin has led Russia's Victory Day commemorations with a parade in Red Square and heightened security after days of Ukrainian strikes targeting the capital.
Chinese President Xi Jinping joined Putin as he told thousands of soldiers and more than 20 international leaders that Russia remembered the lessons of World War Two.
The Russian leader used his speech to tie the war to today's full-scale invasion of Ukraine, and said all of Russia was behind what he called the "special military operation" - now well into its fourth year.
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#Russia #China #BBCNews
Published: 9th May 2025 04:45:01 By: BBC News
BBC News Video: Donald Trump accidentally calls Barbie maker Mattel a country. #DonaldTrump #Mattel #BBCNews
Newly elected Pope Leo XIV has lead his first Mass as pontiff, in the Vatican's Sistine Chapel.
The Pope was joined by cardinals for prayers, the morning after his identity was revealed to the world.
Leo spoke in Latin, English and Italian, calling on the Church to do more work where there is "lack of faith" and asked cardinals to "announce the good news, to announce the Gospel".
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#Pope #Vatican #BBCNews
Published: 9th May 2025 02:45:09 By: BBC News
BBC News Video: India suspends IPL cricket for one week over safety concerns | BBC News
India has suspended the Indian Premier League - the world's richest cricket tournament - for a week amid escalating tensions with Pakistan.
Officials took the decision after a match was abandoned as military exchanges between the two countries continued for a third day.
Pakistani authorities said 31 people have been killed and 57 injured by Indian air strikes in the country and Pakistan-administered Kashmir since Wednesday morning.
Twenty-six civilians were killed in Indian-administered Kashmir last month and India has accused Pakistan of supporting militants behind the attack - an allegation the neighbouring country has rejected.
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#IPL #India #Pakistan #BBCNews
Published: 9th May 2025 12:41:16 By: BBC News
ODN Video: Tanks, Troops, and Tributes: Russia’s Victory Day Parade in Moscow
Russia marked 80 years since the defeat of Nazi Germany with a massive military parade in Moscow.
Victory Day is Russia’s largest national holiday, honouring Soviet troops who fought in World War II.
President Vladimir Putin hosted foreign leaders, including Chinese President Xi Jinping.
Putin and Xi arrived together at Red Square, shaking hands before taking their seats.
Over 11,500 Russian troops marched through the square, showcasing the country’s military power.
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Published: 9th May 2025 02:12:42 By: On Demand News
ODN Video: Everything You Need To Know About Pope Leo XIV
Habemus Papam! – We have a Pope!
Robert Prevost – Pope Leo – originally from Chicago, is the first ever American Pope.
He worked in Peru as a missionary for many years before being made a bishop there, and obtaining Peruvian nationality.
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Published: 9th May 2025 01:43:35 By: On Demand News
ODN Video: LIVE: Putin Inspects Troops at Russia Victory Day Parade
Foreign leaders arrive, are welcomed by Russian President Vladimir Putin and then attend a massive military parade on Red Square in Moscow to mark the 80th anniversary of Soviet victory over Nazi Germany during World War Two.
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Published: 9th May 2025 08:48:08 By: On Demand News
ODN Video: LIVE: White Smoke Appears as New Pope is Elected
A conclave to elect a successor to Pope Francis begins at the Vatican. A group of 135 cardinals, known as the College of Cardinals, is eligible to elect a new pope.
#vaticanlive #conclave #popefrancis
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Published: 8th May 2025 06:24:00 By: On Demand News
ODN Video: WATCH: White Smoke Emerges and Cheers Erupt at the Vatican
White smoke emerges from the chimney in the Vatican - a new pope has been elected
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Published: 8th May 2025 04:41:32 By: On Demand News
CBC Video: People with Down syndrome will soon have a shoe tailored for them
Poorly fitting shoes can make participating in sports difficult and painful. For athletes with Down syndrome, just finding appropriate footwear can be a challenge. To address this, Adidas, in collaboration with the Down syndrome community, has developed a new shoe designed to remove barriers and support inclusive play.
Read more: http://www.cbc.ca/news
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Published: 9th May 2025 04:50:12 By: CBC News
CBC Video: The new Pope is American. Here’s why that’s surprising | The Current
Cardinal Robert Prevost has become the first American Pope, taking the name Leo XIV. Jesuit priest and journalist Father Sam Sawyer explains why that choice surprised many — and how the new Pope’s earlier criticism of JD Vance and the Trump administration’s treatment of migrants is shaping early perceptions of his papacy.
#pope #catholic #popeleo #american
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For more than 80 years, CBC News has been the source Canadians turn to, to keep them informed about their communities, their country and their world. Through regional and national programming on multiple platforms, including CBC Television, CBC News Network, CBC Radio, CBCNews.ca, mobile and on-demand, CBC News and its internationally recognized team of award-winning journalists deliver the breaking stories, the issues, the analyses and the personalities that matter to Canadians.
Published: 9th May 2025 04:46:46 By: CBC News
CBC Video: What is a recession? Here’s an economics crash course
What is GDP? What is a fiscal quarter? How long is this going to last? Canada’s economic future is uncertain and you may have questions. We’ve got answers.
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For more than 80 years, CBC News has been the source Canadians turn to, to keep them informed about their communities, their country and their world. Through regional and national programming on multiple platforms, including CBC Television, CBC News Network, CBC Radio, CBCNews.ca, mobile and on-demand, CBC News and its internationally recognized team of award-winning journalists deliver the breaking stories, the issues, the analyses and the personalities that matter to Canadians.
Published: 9th May 2025 04:37:53 By: CBC News
CBC Video: 'We knew there was something special about him,' says childhood friend of Pope Leo
John Doughney, who attended St. Mary of the Assumption school with the boy who would become Pope Leo XIV, says Robert Prevost displayed compassion, devotion and humility beyond his years.
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For more than 80 years, CBC News has been the source Canadians turn to, to keep them informed about their communities, their country and their world. Through regional and national programming on multiple platforms, including CBC Television, CBC News Network, CBC Radio, CBCNews.ca, mobile and on-demand, CBC News and its internationally recognized team of award-winning journalists deliver the breaking stories, the issues, the analyses and the personalities that matter to Canadians.
Published: 9th May 2025 03:56:47 By: CBC News
CBC Video: Newly elected Pope Leo XIV celebrates 1st mass as pontiff
Pope Leo XIV celebrated his first mass in the Sistine Chapel, where he was elected less than 24 hours earlier, warning of the dangers caused by a lack of faith and hoping the Catholic Church could be a beacon lighting the world's 'dark nights.'
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For more than 80 years, CBC News has been the source Canadians turn to, to keep them informed about their communities, their country and their world. Through regional and national programming on multiple platforms, including CBC Television, CBC News Network, CBC Radio, CBCNews.ca, mobile and on-demand, CBC News and its internationally recognized team of award-winning journalists deliver the breaking stories, the issues, the analyses and the personalities that matter to Canadians.
Published: 9th May 2025 03:54:02 By: CBC News
International Video: Pakistan and India cricket suspended
The Indian Premier League cricket tournament has been suspended as tensions with Pakistan continue to rise.
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The remaining Pakistan Supreme League matches were initially going to be moved to the United Arab Emirates but they've also been postponed following the Prime Minister's advice.
Fighting has escalated between the two countries after India launched strikes on Pakistan on Wednesday, following an attack in Indian-administered Kashmir last month which killed 26 civilians. India blamed Pakistan which denies any involvement.
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Published: 9th May 2025 05:18:58 By: Channel 4 News
International Video: Israel won't be involved in Gaza aid plan - US
Israel and Hamas will not be involved in aid distribution in Gaza, but Israel will help provide security, according to the US ambassador to Israel.
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The United States has set up a new foundation designed to help deliver supplies, after the UN warned that more than two million Palestinians face imminent famine.
Israel has blocked all aid going into Gaza since March when the temporary ceasefire fell through.
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Published: 9th May 2025 05:06:35 By: Channel 4 News
International Video: First pope from US a ‘major event’
Randy Boyagoda, a professor at the University of Toronto and has written widely on Pope Francis, says the election of the first Pope from North America is a "major event".
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Published: 9th May 2025 11:44:05 By: Channel 4 News
International Video: UK and US reach ‘historic’ deal to reduce Trump tariffs
Sir Keir Starmer was hailing what he called a "fantastic, historic day" as Donald Trump announced details of a new trade deal between the US and the UK.
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The 25% tariff on British steel and aluminium is gone altogether, and duties on car exports have been slashed to 10%. Both countries will allow more imports of beef, but the government insists food standards will not be changing.
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Published: 8th May 2025 06:56:10 By: Channel 4 News
International Video: American Robert Prevost elected as Pope Leo XIV
Pope Leo XIV has been presented to the faithful in St Peter's Square, and to the world becoming the leader to the world's 1.4 billion Catholics.
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It's over a century since a pope with the name Leo led the church, but this pope is a moderate, favoured by the late Pope Francis - and emerged as a "dark horse" candidate in the days before the conclave.
Robert Prevost is the first American to lead the Catholic church in its 2,000-year history.
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Published: 8th May 2025 06:20:59 By: Channel 4 News
