يحاول ذهب - حر

Trump Tariffs Erode the Rules-Based Trade Order

April 04, 2025

|

Hindustan Times

The idea of reciprocal tariff invoked by the US is against the provisions of GATT and WTO

- Prabhash Ranjan

Trump Tariffs Erode the Rules-Based Trade Order

The US has launched an assault against the rules-based global trade order by announcing reciprocal tariffs to balance American trade deficits with its trade partners. The announcement, made on Wednesday (April 2), framed as "liberation day," claims to address a "national emergency" caused by a large and persistent trade deficit resulting from a lack of reciprocity in trade relationships.

Under this plan, the US will implement a 10% tariff on all countries starting April 5. Moreover, individualized reciprocal tariff rates will be imposed on countries with whom the US has the largest trade deficits, effective April 9. India, which falls into this latter category, must pay a 27% tariff or more to access the American market, although some products may be exempt from the new tariff rate. This situation is likely to significantly impact India's exports and global trade. Through these announcements, the US is coercing other countries, including India, to lower their tariff rates on American products. While some may succumb to American pressure, others might take retaliatory measures, triggering a full-fledged trade war.

This US announcement can be characterized as an audacious attempt to rewrite global trade rules unilaterally. While reciprocity is a fundamental principle of international trade, its interpretation has changed over time. The Trump administration views reciprocity in a narrow sense, with its fetish on a formal mathematical equivalence between the tariff rates of the US and its trading partners. This approach primarily reflects how trade was organized bilaterally before establishing the multilateral trading system.

المزيد من القصص من Hindustan Times

Hindustan Times Delhi

Hindustan Times Delhi

Asian Championships: Anish gets bronze and a reality check

Anish Bhanwala may have had a bronze medal around his neck, but he made no bones about the fact that he was not satisfied with his performance, especially in the qualification round of the 25m rapid fire pistol at the Asian Championships here.

time to read

2 mins

February 12, 2026

Hindustan Times Delhi

B’desh votes for 1st time post Hasina exit

The election results will also serve as an important test of whether popular protest movements by young people can translate into durable democratic change

time to read

3 mins

February 12, 2026

Hindustan Times Delhi

Proteas trump Super Over battle of sixes

Gurbaz’s three sixes on the trot aren't enough for the Afghans after the teams were tied twice

time to read

3 mins

February 12, 2026

Hindustan Times Delhi

Why India losing out on events will hurt shuttlers

BADMINTON COACH

time to read

2 mins

February 12, 2026

Hindustan Times Delhi

NCP merger raised as Sunetra Pawar meets Modi, Shah in Delhi

A day after assuming charge as deputy chief minister, Sunetra Pawar on Wednesday met Prime Minister Narendra Modi and Union home minister Amit Shah in two separate meetings in New Delhi, along with top Nationalist Congress Party (NCP) leaders including national working president Praful Patel and Maharashtra unit president Sunil Tatkare.

time to read

1 min

February 12, 2026

Hindustan Times Delhi

Power loss led to Rourkela Cessna crash: AAIB

{ PRELIMINARY REPORT } ONE FATALITY

time to read

1 mins

February 12, 2026

Hindustan Times Delhi

India eyes $60 bn organic market of European nations

India will leverage the three free trade agreements (FTAs) it signed with European countries to tap the over $60 billion organic food market of the region, as New Delhi is focusing on cooperative organic farming to achieve scale and become a trusted part of global organic food supply chain and help small farmers in raising their income, commerce secretary Rajesh Agrawal said.

time to read

2 mins

February 12, 2026

Hindustan Times Delhi

Odisha tightens Maoist surrender policy

The Odisha government has revised its surrender and rehabilitation scheme for Maoists, introducing stringent eligibility criteria for militants —a significant departure from the broad welfare approach adopted in its surrender policy announced in November last year, officials aware of the details said on Wednesday.

time to read

1 mins

February 12, 2026

Hindustan Times Delhi

JeM linked to Red Fort attack: UNSC report

The Jaish-e-Mohammed (JeM) has claimed responsibility for a series of attacks and was linked to a suspected suicide car bombing near the Red Fort in New Delhi last November that occurred about a month after JeM chief Masood Azhar announced the creation of women-only wing of the terror group, according to a new UN Security Council report.

time to read

1 mins

February 12, 2026

Hindustan Times Delhi

'Smog season' discount clouds India Inc earnings

India's air pollution is adding another threat to company profits along with impacts on public health, with a sweep of companies pointing to the effects of pollution-related disruptions in the country's most recent earnings season.

time to read

1 mins

February 12, 2026

Listen

Translate

Share

-
+

Change font size