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[March 5, 2025](/on-this-day)
[In the Month of Ramadan](https://www.britannica.com/topic/Ramadan)
-------------------------------------------------------------------
The [Islamic holy month](https://www.britannica.com/topic/Islamic-calendar) of [Ramadan](https://www.britannica.com/topic/Ramadan) has begun, a time for [Muslims](https://www.britannica.com/topic/Islamic-world) to renew their focus on spiritual life and its practical application in daily life. According to [Islamic](https://www.britannica.com/topic/Islam) tradition, it was during Ramadan that the Prophet [Muhammad](https://www.britannica.com/biography/Muhammad) received [the first revelations](https://www.britannica.com/topic/Laylat-al-Qadr) of the [Qurʾān](https://www.britannica.com/topic/Quran). During Ramadan Muslims abstain from food and drink during daylight hours, a [fast](https://www.britannica.com/topic/Islam/Prayer#ref69153) called _sawm_, which is one of the [five pillars of Islam](https://www.britannica.com/topic/Islam/Eschatology-doctrine-of-last-things#ref69149).
[Why Ramadan Is One of the Holiest Months for Muslims](/topic/Ramadan)
Encyclopædia Britannica, Inc.
[The Life of Muhammad, Founder of Islam](/biography/Muhammad)
Encyclopædia Britannica, Inc.
[Eid al-Fitr: The Festival of Breaking Fast](https://www.britannica.com/topic/Eid-al-Fitr )
Encyclopædia Britannica, Inc.
### Discover More
[Quiz: World Religions and Traditions](/quiz/world-religions-traditions)
[All About the Qurʾān, the Sacred Scripture of Islam](/topic/Quran)
### Behind the Headlines
Tariffs are back in the news, and the financial markets have been jittery in response. Here’s a look at the dynamics at work.
[Tariffs and other trade barriers](/money/trade-war-meaning)
Economists rarely agree on much, but most share the view that well-structured [international trade policies benefit all countries](https://www.britannica.com/money/comparative-advantage). They also tend to agree that [tariffs](https://www.britannica.com/money/tariff), quotas, currency devaluation, and other trade barriers reduce global economic output. But it’s complicated, partly because what seems fair to one side looks like a trade barrier to the other. Trade alliances, such as the [European Union](https://www.britannica.com/topic/European-Union) and the [United States–Mexico–Canada Agreement](https://www.britannica.com/event/North-American-Free-Trade-Agreement/Renegotiation#ref1260797), can [reduce trade barriers](https://www.britannica.com/money/international-trade/Trade-between-developed-and-developing-countries). Organizations such as the [World Trade Organization](https://www.britannica.com/topic/World-Trade-Organization) can help resolve trade disputes. But sometimes it takes a trade war, or the threat of one, to make changes that work for everyone.
[Uncertainty = Volatility](/money/cboe-volatility-index)
As trade tensions escalated this week, so did the market’s “fear gauge,” the [Cboe Volatility Index](https://www.britannica.com/money/cboe-volatility-index) (VIX), which at one point rocketed past 26 on Tuesday. (The VIX normally stays in the low to mid-teens; anything above 20 indicates anxiety.) Although a rise in volatility is typical during leadership transitions and changes in policy priorities, the [stock market](https://www.britannica.com/money/stock-market-basics) seems to be pricing in a higher level of uncertainty. Tariffs and tariff threats could bring parties to the negotiating table—or they could be met with retaliatory measures that spark a global [recession](https://www.britannica.com/money/recession-vs-depression). Tariffs could also stoke a fresh round of [inflation](https://www.britannica.com/money/what-is-inflation). The status of other policy initiatives in areas such as immigration, education, and the federal workforce add to the uncertainty.
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