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Adapting To Trump Tariffs
Business Standard
|March 28, 2025
India needs short-term and medium-term strategies for a resilient agricultural trade
President Donald Trump has initiated strong steps to turn trade in favor of America by seeking improved market access for US export. What is worrying is that the new regime in the USA is seeking these changes by completely bypassing the well-accepted rule of the game laid by the World Trade Organisation agreements duly ratified by all WTO members. The WTO agreement provides for a high level of support for agriculture by developed countries like USA and the European Union (EU), and special and differential treatment for developing countries, along with a provision for high bound tariff on imports into these countries. The agreement includes a Most-Favoured-Nation (MFN) clause, which dictates that no country can discriminate against their trading partners in imposing tariffs, and the same treatment must be meted out to all, except for some concession to Least Developed Countries (LDCs).
This story is from the March 28, 2025 edition of Business Standard.
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