tax

National policies like sugar taxes are vital, but having international coordination is also important in such a sprawling supply chain.

Tariffs are not directly paid by other countries — these are taxes on imports that must be paid by the importer.

Businesses have also warned customers will face higher prices, if they pass on the cost of tax rises announced in the Budget.

It comes as an increasing number of firms warn that the tax rises and the higher minimum wage announced in the Budget could lead them to increase prices for customers.

If he goes ahead and introduces tariffs - a tax imposed by one country on the goods and services imported from another - it could lead to a rise in prices, including in the UK, economists say.