What is a tariff and who pays it?

A tax on imported goods, collected at the border from the importer. Whether the cost lands on foreign producers, domestic companies, or consumers depends on how much room each has to change prices, which is why the same tariff can raise consumer prices in one industry and squeeze corporate margins in another.

How do tariffs affect inflation and interest rates?

Tariffs raise the price of imported goods and of domestic goods that compete with them, which shows up in inflation data. Central banks then have to judge whether that is a one-time price shift or the start of broader inflation, and that judgment feeds directly into rate decisions.

What are export controls?

Government restrictions on selling specific technologies or products to specific countries or companies, used for national-security reasons. In recent years they have centered on advanced semiconductors and the equipment that makes them, which is why trade policy and the AI story overlap.

Topic · Gokhshtein Media

Tariffs & Trade

Tariffs, trade deals, export controls, and sanctions — the policy tools repricing global supply chains

30 stories · Updated Yesterday

Trade policy went from a background variable to a daily market driver. Tariff announcements move currencies, inflation expectations, and entire sectors within the hour, and export controls now decide which countries get which technology. This hub gathers the Macro, Political, and World desks’ trade coverage: the tariffs, the deals, the retaliation, and the companies and consumers who pay.

Coverage led by The Macro & Rates Desk

The basics · reviewed September 25, 2026

What is a tariff and who pays it?: A tax on imported goods, collected at the border from the importer. Whether the cost lands on foreign producers, domestic companies, or consumers depends on how much room each has to change prices, which is why the same tariff can raise consumer prices in one industry and squeeze corporate margins in another.
How do tariffs affect inflation and interest rates?: Tariffs raise the price of imported goods and of domestic goods that compete with them, which shows up in inflation data. Central banks then have to judge whether that is a one-time price shift or the start of broader inflation, and that judgment feeds directly into rate decisions.
What are export controls?: Government restrictions on selling specific technologies or products to specific countries or companies, used for national-security reasons. In recent years they have centered on advanced semiconductors and the equipment that makes them, which is why trade policy and the AI story overlap.

Terms to know

Anti-dumping duty Balance of payments Bonded warehouse Container freight Countervailing duty Currency manipulation Customs and Border Protection De minimis exemption Embargo Entity List Export controls Free trade agreement Global trade volume Harmonized Tariff Schedule Full glossary →

Macro & Rates

India Cuts Scotch Tariffs in Push to Seal UK Trade Deal

New Delhi opens talks to slash 150% duties on whisky imports, signaling progress toward a comprehensive free trade agreement that could ease bond spreads and attract foreign capital.

By The Macro & Rates Desk2 min readYesterday