Hi, I'm Ravi Agrawal, Foreign Policy's Editor-in-Chief.

This is FP Live.

So I'm at the Munich Security Conference this week, and as I've mentioned before, this is a fairly wonkish annual summit that is becoming increasingly prominent.

There are lots of world leaders,

defense ministers and foreign ministers, as well as spy chiefs. And increasingly, a lot of investors

too, given how much defense spending Europe now needs to undertake. I'm going to bring you

some of my favorite conversations from Munich on the podcast in the coming week,

for today I just hosted a live panel on the Trade Wars. It was titled Terrifying Times, get it?

And I suppose that gives away the general sentiment countries of feeling towards the United States right now.

But tariffs are not just about trade.

The Trump administration has, of course, weaponized tariffs and begun to use it as a foreign

policy cudgel. New data suggests something quite worrying. U.S. tariffs are hurting the

countries that can least afford a setback the most.

According to UNTAD, the UN Trade and Development Body,

developed economies already had a slight tariff advantage when exporting to the United States.

That competitive advantage over other countries has now increased by two

percentage points. Developing economies, on the other hand, had a tariff disadvantage,

and that's grown further. Put another way, US tariff policies have hurt the poorest countries

the most. They were already at a competitive disadvantage,

and that gap through the tariffs has now widened. Richer countries, as predicted, have found

ways to bargain and strike better deals with Washington, and poorer countries just didn't have

that option. In a sense, this is exactly the scenario we've been worrying about in this new world order of ours.

...