New Delhi, April 14 -- A surge in steep tariffs imposed by major economies risks harming the world's poorest nations while doing little to reduce trade imbalances, according to a new United Nations report.

For decades, a rules-based global trading system has helped lower tariffs - taxes on imported goods - facilitating international commerce. By 2023, nearly two-thirds of world trade occurred tariff-free. However, recent protectionist measures have sparked fears of escalating trade tensions, with developing economies bearing the brunt.

In its latest report titled Escalating Tariffs: The Impact on Small and Vulnerable Economies, UN Trade and Development (UNCTAD) urges exemptions for the most vulnerable nations from 'reciprocal tariffs' -...