Raphael Stevens

LESS THAN two weeks into his new administration, Donald Trump has placed large tariffs on America’s three biggest trading partners—raising the spectre of a global trade war. With executive orders signed on February 1st, he initiated tariffs of 25% on imports from both Canada and Mexico, and added levies of 10% to imports from China. Although Mr Trump had vowed to do just this, his actions will still represent a shock to the global economy. They will drive up prices, weigh on growth and sow uncertainty for businesses. Moreover, they are likely to be just the first salvo for Mr Trump, who is itching to implement tariffs that are both more aggressive and more global. More

More than a dozen initial public offerings have started trading so far in 2025, with the latest launching Thursday. But these launches have largely been met with tepid market reaction. The Nasdaq’s president still thinks this year could be the IPO market’s comeback year. 
“I do think we start seeing things really start to pick up more in the back half of the year. But even the first half of the year, we’re starting to see some activity already,” Nasdaq president Nelson Griggs told CNBC’s “ETF Edge” this week.

Griggs compared the IPO market to a pendulum: It swings between waves of private and public investment. “We have a track record now,” Griggs said. “If you get three straight years of having limited capital raised in public markets, there’s an enormous pipeline.”
But it’s not all simple launches in that IPO pipeline. Panera Brands has faced roadblock after roadblock for years in its attempts to go public. Twin Peaks, the sports bar that started trading Thursday, is a spinoff of Fat Brands intended to help pay off debt. Even the newer companies and AI players such as OpenAI seem to be thriving and raising money in the private market, giving them little incentive to go public.
Griggs did acknowledge recent innovation in the private sector has allowed companies to access more liquidity and continue to raise funds without launching an IPO. 
“There is a massive convergence of public and private, because even in the private space, you can now have access to more liquidity,” he said. “But if you want deep, sustained liquidity, you need to go public.”
According to Griggs, that innovation does not mean that the private investment landscape has changed forever. He pointed to shifts in the markets as signs that the incentive to go public is returning. “Yields start doing better, valuation discounts kind of compress a bit, then the public markets get healthy again.”
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Ten travel agents provided their picks for the most underhyped places to visit in the world.
They weigh in with their rationale, as well as can’t-miss activities and the best times to go.

Klaus Vedfelt | Digitalvision | Getty Images

Looking for travel inspiration for 2025 and beyond?
Look no further: CNBC asked 10 travel agents for their recommendations of the most underhyped destinations in the world. We compiled their written answers below, including can’t-miss activities for each locale and the best times of year to visit.

You’ll also find average round-trip airfare from U.S. airports. The data, provided by travel app Hopper, is based on average fares that were available to book from Jan. 15 to Jan. 22. Prices are for May-July 2025, when most Americans plan to take their longer vacations, Hopper said.
Travelers should aim to book over the next few weeks to score the best prices, it said.

Albania

Valbona National Park, Albania.
Eduardo Fonseca Arraes | Moment | Getty Images

Recommended by: Scott Abbott, managing director of Wilderness Travel
Why to visit: “The Albanian Alps, also known as the Accursed Mountains, are a mountain range very few people know about, so are totally untouched by tourism. But have some of the most gorgeous and dramatic hikes in all of Europe. They also have guesthouses, mountain huts and hotels that feel like what the Alps were like 30-plus years ago, all owned by local families and run in a traditional way very authentic to the place and culture.”
Can’t-miss: Hiking in Valbona Valley National Park

Best time to go: June to September
Average flight price: $926 to Tirana, Albania

Ecuadorian cloud forest

Cloud forest in Ecuador.
Gerard Puigmal | Moment | Getty Images

Recommended by: Allie Almario, South America and Galapagos expert at Premier Tours
Why to visit: “Most people think of Costa Rica when they think of cloud forest, but Ecuador also has the lure of the Galapagos Islands, so it’s a terrific combination. About three hours from the capital city of Quito, Ecuador, the cloud forest feels primeval and otherworldly.
“I love the Mashpi Eco Lodge, which is on the cusp of the rain and cloud forest in a private sanctuary. You’ve got incredibly rich biodiversity in this remote area — so remote the silence is almost deafening.”

Can’t-miss: “Mashpi Lodge offers an activity called the Dragon Fly — it is up to an hour ride in an open air cable car (seating only for four guests at a time and a naturalist) where you soar over the tree canopy. You hear nothing but the wind and bird calls and the distant crash of waterfalls 500 feet below you. The butterflies are like confetti.”
Best time to go: “Temperatures are pretty consistent throughout the year, but the main difference is rainy vs. dry season. Be prepared and either way, hiking in the cloud and rain forest will always be an adventure.”
Average flight price: $588 to Quito, Ecuador

Hamburg, Germany

The canals of Hamburg, Germany
Inigo Cia | Moment | Getty Images

Recommended by: Kareem George, CEO of Culture Traveler
Why to visit: “This ultra chic city is beautiful, sophisticated and extremely fun, with a variety of attractions for diverse ages and interests. The setting of the city is quite picturesque, nestled between the Elbe River and Alster Lake with many canals in between. It is an extremely walkable city with many historic attractions in the city center — such as the Rathaus (City Hall) and St. Nikolai Church — flanked by very cool neighborhoods such as the Speicherstadt (Warehouse) District, raucous St. Pauli and the quirky Schanzenviertel.”
Can’t-miss: “Two of the many must-see attractions are the iconic Elbphilharmonie and the unique Miniatur Wunderland. Advance tickets are highly recommended for both.”
Best time to go: “Hamburg is truly a destination for all seasons, however I particularly enjoyed a recent visit in the fall. The weather was perfect and it was wonderful to stroll along the lake, canals and to explore several neighborhoods on foot.”
Average flight price: $1,090

Kyushu, Japan

A hot spring resort in Kurokawa Onsen, in Kyushu, Japan.
Bohistock | Moment | Getty Images

Recommended by: Kristin Braswell, founder of CrushGlobal Travel
Why to visit: “Brimming with natural beauty at every corner, the southern island of Japan’s Kyushu may be overlooked for its popular northern neighbors like Tokyo and Kyoto, but it’s just as thrilling. Teeming with active volcanoes, palm-forested coastlines and bubbling onsens [hot springs] to retreat in, you will be enamored at every turn by the great, wide outdoors here. I highly recommend visiting the electric metropolis, Fukuoka, and Beppu, a mountainside jewel that is home to the most spring waters in the country.”
Can’t-miss: “Visiting the famous onsens, particularly the Jigoku Circuit, which are all grouped and within walking distance. They are a sight to see.”
Best time to go: “In spring, during cherry-blossom season and when the weather is pleasantly warm, or the fall, as the foliage begins to change with the seasons.”
Average flight price: Top three airports in Kyushu, by popularity from U.S. cities based on search demand:

Fukuoka: $1,326
Nagasaki: $1,617
Kumamoto: $1,594

Lençóis Maranhenses National Park, Brazil

Lençóis Maranhenses National Park, Brazil.
Ignacio Palacios | Stone | Getty Images

Recommended by: John Lansdell, planner at Trufflepig Travel
Why to visit: “Remote and staggeringly beautiful, this park of sand dunes, mangroves and freshwater lagoons is prime for both relaxing in and exploring — swimming, dune walks and quad tours, birding, etc.”
Can’t-miss: Swimming in the lagoons.
Best time to go: “When to visit is subjective, but high season is July and August: Full lagoons; warm, not too hot; rains have passed, but the gateway towns are busy. Either side of these months may be the best bet, although the park itself, a UNESCO World Heritage Site, is vast and won’t feel overly busy in high season.”
Average flight price: $1,069 to Sao Luis, Brazil

The Nordic countries (Sweden, Denmark, Finland, Norway)

Old town and town square in Stockholm, Sweden.
Leonardo Patrizi | E+ | Getty Images

Recommended by: Melissa Wu, founder of Woodlyn Travel
Why to visit: “The Nordics offer a great variety of destinations and activities, from the bustling nightlife and modern hotels of the cities, to rural pastimes like dog sledding and gazing up at the amazing northern lights. Classic Nordic activities like saunas and cold plunges share the stage with farm-to-table culinary extravaganzas. And the dollar is very strong right now, so you’ll get your money’s worth on some of the best seafood you’ll ever eat.”
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Can’t-miss: “Sweden’s capital and largest city, Stockholm, is known for a great museum scene with some truly unique attractions. The ABBA museum is a must-see for music lovers, while the Viking Museum and Vasa Museum, which houses a salvaged 17th century ship, pay tribute to Sweden’s history. And no visit would be complete without a stop at the Spiritmuseum, which celebrates Sweden’s drinking culture.”
Best time to go: “The Nordics offer something unique no matter what time of year you visit. Long summer days give way to amazing fall foliage, followed by Christmas markets and ice hotels during the wintertime, and lovely island-hopping adventures in spring. Stockholm’s cherry-blossom trees bloom in mid- to late-April, with a gorgeous display that rivals more well-known (and crowded) spots like Washington, D.C. and Kyoto.”

Average flight price:

Copenhagen: $769
Helsinki: $890
Oslo: $826
Stockholm: $801

The Philippines

Boats on the serene, azure waters near Coron Palawan, Philippines.
Travelstoxphoto | Moment | Getty Images

Recommended by: Tesa Totengco, founder and CEO of Travels with Tesa
Why to visit: “Although it is very much a part of Southeast Asia, the Philippines is off to the side from the rest of its neighbors. I suggest devoting your entire trip to the country and island-hopping.
“It has some of the most beautiful white powdery sand beaches (Palawan, Boracay, Bohol). There is a thriving contemporary art scene (Art Fair in Manila, held in February), and galleries supporting local artists (Silverlens, Artinformal, Gravity Art Space, Orange Project). In the capital, you can tour Old Manila and learn of the past from the 16th century Spanish colonialization right up to the American War liberating the country from Japanese occupation. There are pop-up shops throughout the year that celebrate Filipino design, and celebrated chefs with their own restaurants celebrating Filipino cuisine. It’s a predominantly English-speaking country, so the traveler will never feel lost.”

Can’t-miss: “This country is made up of over 7,000 islands, each unique in culture, history and flavor. It’s best to make a ‘halo-halo’ (meaning ‘mixed’) experience: Not just beach, for which the country is most famous.”
Best time to go: “It’s a tropical country, so the Philippines is hot and humid year round. Avoid the rainy season from June to October and come from December to February when the country is at its coolest.”
Average flight price:

Manila: $1,296
Cebu City: $1,446
Angeles City: $1,461

Tunisia

Sidi Bou Said, a town in northern Tunisia.
Max Shen | Moment | Getty Images

Recommended by: Sofia Markovich, owner of Sofia’s Travel
Why to visit: “Tunisia is home to some of the world’s most well-preserved Roman ruins, including the iconic El Jem Amphitheatre, a UNESCO World Heritage site that rivals Rome’s Colosseum in grandeur. Carthage, once a powerful city-state, showcases the remnants of an ancient civilization that shaped Mediterranean history.
“From the rolling dunes of the Sahara Desert to the pristine beaches of Hammamet, Sussa and Djerba, the country offers a variety of settings for adventure and relaxation. Matmata’s troglodyte homes, famously featured in Star Wars films, add a touch of cinematic wonder to the experience.”
“Tunisia’s cuisine is a highlight that captivates food lovers. With its bold flavors and Mediterranean influences, dishes like brik (a savory pastry), couscous and harissa-infused stews offer an authentic taste of the region. The country’s burgeoning wine industry adds to its allure.”

Amphitheatre of El Jem in Tunisia.
Westend61 | Westend61 | Getty Images

Can’t-miss: “Sidi Bou Said, with its white-washed houses and blue doors; and Carthage.”
Best time to go: “Tunisia is great to visit year-round”:

Spring (March-May): “Warm, ideal for exploring ruins and nature.”
Summer (June-August): “Hot, perfect for beaches but avoid inland heat.”
Autumn (September-November): “Mild, great for both beaches and culture.”
Winter (December-February): “Cool, best for the Sahara and fewer crowds.” 

Average flight price: $1,360 to Tunis

Uzbekistan

Bibi Khanum Mosque in Samarkand, Uzbekistan.
Izzet Keribar | Stone | Getty Images

Recommended by: Jonathan Alder, CEO of Jonathan’s Travels
Why to visit: “This incredible melting pot of cultures is one of the most stunning destinations in the world, with architecture, history and nature that would surprise even the most experienced traveler. 
“Its cuisine — a melting pot of Persian, Indian, Italian, and Chinese with hints of Russian — is a foodie’s dream. Once the heart of the Silk Road, the architecture doesn’t look like anything else you’ve ever seen. I love to start in the capital of Tashkent, which is a modern metropolis, then head to the ancient side of the country at the far end of the desert to step back in time. The mosque of Samarkand is one of the most incredible architectural highlights you’ll see in your life.
“Getting out of the cities, you can head into the mountains, which are essentially the back of the Himalayas, for incredible nature and green valleys outside of the stark, dramatic desert that you get for most of the rest of the country.”

The Old Town in the City of Bukhara, Uzbekistan.
Mlenny | E+ | Getty Images

Can’t-miss: “Samarkand. This was once the capital of the Silk Road, the crossing point for all trade routes between Europe and Asia. The sites here are the biggest in the country and some of the top highlights.”
When to go: “Spring and fall. The summers are quite hot and the winters get very cold. You can also make this a ski destination in the winter and combine it with the rest of the country.”
Average flight price:

Tashkent: $1,470
Samarkand: $2,226

Western Australia

James Price Point, Western Australia.
Luke Mackenzie | Moment | Getty Images

Recommended by: Kemi Wells-Conrad, founder and president of Wells Luxury Travel
Why to visit: “Everyone typically thinks of Sydney and the East Coast of Australia — and don’t get me wrong, it is a beautiful coastline. But I have always been a huge fan of Western Australia. It is incredibly diverse, and the landscapes are truly magnificent.
“Perth is your starting point and known as one of the most isolated cities in the world. There is world-class wine further south in Margaret River. The coast is filled with some of the most beautiful beaches in the world, such as Monkey Mia and Ningaloo Reef, which also are teeming with amazing marine life. The Kimberleys are wild, rugged and unique.”

Bungle Bungles, beehive-shaped sandstone towers in Purnululu National Park, in Eastern Kimberleys, Western Australia.
Michael Runkel | Imagebroker | Getty Images

Can’t-miss: “Ningaloo Reef. Forget the crowds of the Great Barrier Reef out of Cairns — imagine a pristine reef with no crowds. You can also swim with whale sharks here March to August. The luxury glamping experience at Sal Salis is a unique experience.”
When to go: “April to September. This is the sweet spot, their ‘winter.’ The temperatures are mild, however still much warmer than our northern hemisphere winter. And it would allow you to travel further north to the Kimberleys — outside of their wet season and before it heats up again from October on.”
Average flight price:

Perth: $2,043
Broome: $3,094 More

President Donald Trump is imposing a 25% tariff on Canada and Mexico and a 10% tariff on China starting Saturday, the White House said.
Tariffs will likely result in higher prices for U.S. consumers, both directly and indirectly, economists say.
Tariffs are a tax on foreign imports that are paid by the U.S. businesses importing those products. The businesses will likely pass those costs to customers, economists said.

President Donald Trump on Jan. 27, 2025 in Doral, Florida.
Joe Raedle | Getty Images News | Getty Images

President Donald Trump has repeatedly discussed imposing tariffs, both during the campaign and since taking office, and the first tranche, on goods from Canada, China and Mexico will take effect Feb. 1, the White House confirmed Friday.
While there are still some unknowns, one thing is clear, economists said: U.S. consumers should brace for a negative financial impact.

It’s “hard to find positives” from tariffs, said Mary Lovely, a senior fellow at the Peterson Institute for International Economics, whose research specializes in trade with China and global supply chains.
Trump plans to put 25% tariffs on Mexico and Canada, and a 10% duty on China, Karoline Leavitt, the White House press secretary, said Friday.
China, Mexico and Canada are the three largest trading partners with the U.S., as measured by imported goods. They supplied about $536 billion, $455 billion, and $437 billion of goods, respectively, to the U.S. in 2022, according to the Office of the U.S. Trade Representative.

Tariffs are a tax on foreign imports. U.S. businesses that import goods pay that tax to the federal government.
Many businesses will funnel those extra costs to customers — either directly or indirectly — which is why tariffs generally trigger higher prices for consumers, economists said.

“Part of these tariffs will be passed on to consumers,” Lovely said.
Americans could also find they have fewer choices for brands and products stocked on store shelves, she said.

Exemptions may ‘limit the damage’ to consumers

There are still many question marks over the looming tariffs on Canada, China and Mexico.
For example, it’s unclear if any imports will be exempt. Trump suggested Thursday night, for example, that Canadian oil might be exempt. The White House said the tariffs will be open for public inspection on Saturday.
Discussions around such specifics are “ongoing,” a White House official told CNBC on Friday morning.

“There are always exemptions and carve-outs,” said Mark Zandi, chief economist at Moody’s.
Trump might try to “limit the damage to the U.S. consumer” via those exemptions, Zandi said. For example, he could choose not to impose duties on apparel from China, avocados from Mexico or cheese from Quebec, he said.

Economic impact

The White House said tariffs and Trump’s broader economic agenda will benefit the U.S. economy.
White House spokesman Kush Desai said tariffs Trump imposed in his first term — along with tax cuts, deregulation and energy policy — “resulted in historic job, wage, and investment growth with no inflation,” and that in his second term Trump will use tariffs to “usher in a new era of growth and prosperity for American industry and workers.”
Economists, however, disagree.
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A 25% Canada-Mexico tariff and 10% China tariff would raise about $1.3 trillion in revenue through 2035 on a net basis, the Committee for a Responsible Federal Budget estimated. That revenue may be used to partially offset the cost of tax cuts, a package that might cost more than $5 trillion over 10 years.
However, a 10% additional tariff on China would shrink the U.S. economy by $55 billion during the Trump administration’s second term, assuming China retaliates with its own tariffs, according to an analysis by Warwick McKibbin and Marcus Noland, economists at the Peterson Institute for International Economics.
A 25% tariff on Mexico and Canada would cause a $200 billion reduction in U.S. gross domestic product, they found.

Meanwhile, economists expect more tariffs in the future.
On the campaign trail, Trump floated a 10% or 20% universal tariff on all imports and a tariff of at least 60% on Chinese goods, for example.
A 20% worldwide tariff and a 60% levy on Chinese goods would raise costs by $3,000 in 2025 for the average U.S. household, according to an October analysis by the Tax Policy Center.
“Broad-based, universal tariffs and the damage they will do is not really a debate,” Zandi said. “They will do damage. It’s just a question of how much and to whom.”

How tariffs may impact consumers

Consumers could pay for tariffs both directly and indirectly, economists said.
Tariffs on China would likely have the largest direct impact on consumers, as the bulk of what China exports to the U.S. is consumer goods such as apparel, toys and electronics, Zandi said.
China is the “dominant supplier” of toys and sports equipment to the U.S., and provides 40% of its footwear imports and 25% of its electronics and textiles, according to a recent analysis by PIIE economists.
Mexico and Canada tariffs would also “put upward pressure on food prices,” according to PIIE economists.
The nations are “important sources” of vegetables, accounting for 47% of total U.S. imports, and prepared foodstuffs, 42%. Transportation equipment and machinery, electronics and fuel are other sectors that stand to be most affected, they found.
“The U.S. imports roughly 40% of its crude oil, with Canada as the dominant supplier,” Nigel Green, CEO of deVere Group, a financial consulting firm, said in a written statement.
“If oil is hit with tariffs, the impact could hit energy markets, pushing up costs for businesses and consumers,” Green wrote.
However, domestic energy producers, certain U.S. manufacturers and other industries “could see short-term gains from reduced competition,” he added.
Indirectly, U.S. producers might raise their prices because they face less foreign competition for certain goods, Lydia Cox, an assistant professor of economics at the University of Wisconsin-Madison, said during a recent webinar.
U.S. companies that use tariffed goods to manufacture their products might also raise prices for downstream goods, Cox said. For example, steel tariffs might lead to higher prices for cars, heavy machinery and other products that use steel.

Tariffs ‘create a lot of collateral damage’

Other nations might also respond with retaliatory tariffs that start a trade war, which might cause U.S. producers to lose sales abroad, she said.
“Unlike Canada and Mexico, for which retaliation would be inconceivable, China has retaliated in the past and would likely do so again,” PIIE economists wrote recently.
Further, tariffs may have the unintended consequence of destroying jobs, economists said.
Tariffs’ ability to create U.S. jobs is “vastly, vastly overstated,” said Lovely of PIIE.
Take steel, for example. There are 80 workers in industries that use steel as an input for every one job that produces steel, Cox found in a recent paper.
Tariffs create “a lot of collateral damage along the way,” which is why economists warn against broad-based use, Cox said. More