Hey there, future global citizens! 🌎
Did you know that when countries trade with each other, they sometimes add extra fees called “tariffs” on products coming into their country? Let’s explore how these tariffs can affect people all around the world, especially in developing countries!
What’s a Tariff, Anyway? 🤔
A tariff is like a tax on goods imported from other countries. Imagine if you had to pay extra to buy a video game that was made abroad—that’s kind of how tariffs work!
Why Do Tariffs Matter? 📦
Recently, some big changes in trade policies have made it harder for countries to sell their products to other nations. Professor Jayati Ghosh from the University of Massachusetts Amherst says this can hurt countries in the Global South (that’s another way to refer to developing countries in Africa, Asia, and Latin America).
“Canceled or delayed orders are already making it tough for people to keep their jobs,” she explains. This means that workers in these countries might lose their income because they can’t sell their products as easily.
Who’s Affected? 🌍
Take Bangladesh, for example. It’s the world’s second-largest exporter of clothes! But if high tariffs continue, it could lose billions of dollars in sales over the next few years. That’s a big deal for the people who work in the factories making those clothes.
Even island nations like the Bahamas are worried. They import most of their goods, so higher tariffs mean higher prices for everyday items. That makes it harder for families to afford what they need.
Working Together 🤝
Experts suggest that countries should team up to help each other out. By cooperating, they can find ways to keep their economies strong and support their people.
Chinese Ambassador to the Bahamas, Yan Jiarong, encourages Global South countries to stand together against high tariffs. She says they should work closely to build stronger industries and help each other’s economies grow.
What Can We Learn? 💡
Trade policies might seem complicated, but they have real effects on people’s lives worldwide. By understanding these issues, we can better appreciate the importance of international cooperation and fairness in trade.
So next time you buy something, think about the journey it took to get to you and how global connections make it all possible!
Reference(s):
Experts: Global South countries suffer from Trump's tariff policy
cgtn.com
