Briefings

Trade barriers are government-imposed restrictions that limit or regulate international trade between countries. These restrictions can take many different forms, affecting the flow of goods, services, and sometimes even investments across borders. Governments often use trade barriers to protect domestic industries, preserve national security, or respond to foreign competition. While they serve different purposes, they typically have the effect of making imported goods more expensive or limiting their availability.

Economic sanctions are policy tools used by countries, alliances, or international organizations to influence the behavior of other nations, groups, or individuals. They involve the deliberate withdrawal or limitation of customary trade and financial relations as a way to create pressure without resorting to military force. Sanctions can vary widely in scope, ranging from targeted measures focused on specific industries or individuals to sweeping restrictions affecting entire economies.

Non-tariff barriers (NTBs) refer to trade restrictions that countries use other than traditional tariffs (taxes on imports or exports). Instead of directly taxing goods, NTBs create obstacles through regulations, policies, or procedures that make it harder, more expensive, or less appealing for foreign products to enter a market. These measures can impact international trade just as much as tariffs and sometimes even more.

Mercantilism was an economic theory and system that shaped much of global trade and national policy from the 16th to the 18th centuries. It was built around the belief that a nation’s strength depended heavily on its wealth, particularly its stock of gold and silver. Under mercantilism, economic success was defined by the accumulation of precious metals, and governments actively sought to control trade to achieve this goal.

Anti-dumping is a policy tool used by countries to protect their domestic industries from foreign companies that sell goods at unfairly low prices. In international trade, dumping occurs when a company exports a product at a price lower than the price it normally charges in its home market. This practice can disrupt local markets, harm domestic producers, and distort fair competition. Governments respond by investigating dumping allegations and imposing measures called anti-dumping duties to counteract the effects.

The concept of the polycrisis describes a global condition in which several large-scale, interconnected crises occur at the same time, amplifying each other’s effects and making resolution far more difficult.

International arrivals to the U.S. fell more than 10% in March 2025 compared to the previous year, though April showed signs of recovery, particularly around holidays like Easter. This suggests some seasonal influence, but the overall trend points to deeper issues, including political tensions under the Trump administration and economic policies like tariffs.

The United States Fiscal Responsibility Act stands as a legislative response to ongoing concerns about the country’s growing national debt and the management of government spending. This law is designed to impose structured limits on federal expenditures and establish a framework for controlling the debt ceiling, providing a legal mechanism for addressing fiscal pressures while attempting to maintain essential government services.

Consumer confidence refers to how optimistic or pessimistic individuals feel about their financial situation and the broader economy. It measures people’s willingness to spend money on goods and services, based on their current and future expectations of income, employment, and economic stability. Surveys conducted by research organizations typically gather this information by asking consumers how they feel about current business conditions, their personal financial outlook, and whether they believe it is a good time to make major purchases.

Secondary sanctions are measures imposed by a country, typically the United States, targeting non-citizens or entities outside its jurisdiction for engaging in activities that conflict with its foreign policy or national security interests. Unlike primary sanctions, which directly target individuals or entities in a specific country (e.g., Iran or Russia), secondary sanctions focus on third parties—foreign companies, banks, or individuals—who conduct business with sanctioned entities.