Tariffs: Trade tools or policy Swiss army knives?

KPMG International convened a roundtable discussion recently, as part of its Global Responsible Tax Program, to explore the evolving role of tariffs in modern policymaking.

Tariffs have traditionally been viewed as instruments of trade policy — tools to manage imports, protect domestic industries and influence market dynamics. But today, they are being used for a broader range of goals, including national security, industrial strategy and geopolitical positioning. As governments around the world explore how to shape their economies in a more uncertain global landscape, tariffs are increasingly serving multiple, sometimes competing, purposes. This broade...

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Authors: Becky Knight

Published Date: 23 September 2025