Facebook Pixel Resetting rules of the global trade regime | Hindustan Times West UP - newspaper - इस कहानी को Magzter.com पर पढ़ें
मैगज़्टर गोल्ड के साथ असीमित हो जाओ

मैगज़्टर गोल्ड के साथ असीमित हो जाओ

10,000 से अधिक पत्रिकाओं, समाचार पत्रों और प्रीमियम कहानियों तक असीमित पहुंच प्राप्त करें सिर्फ

$149.99
 
$74.99/वर्ष

कोशिश गोल्ड - मुक्त

Resetting rules of the global trade regime

Hindustan Times West UP

|

April 22, 2025

A handful of countries should not be allowed to hold multilateral negotiations to ransom. WTO decisions could be based on voting rather than on consensus

- Pramit Bhattacharya

Five years ago, a new virus brought the global economy to a standstill. Today, an old virus—of protectionism—threatens the world economy. Despite the "90-day pause" in the exorbitant tariff rates US President Donald Trump imposed on America's trading partners, financial markets remain volatile.

Investors have good reasons to be worried. The last big trade war, nearly a century ago, did not end well. As the leading economies of the world imposed tit-for-tat tariffs in the early 1930s, it only prolonged the severe economic downturn that we now know as the Great Depression. Stock prices, industrial production, and employment collapsed across the globe.

Tariffs are taxes on imports and meant to protect domestic industries. But since most factories rely on imported inputs, protectionism often ends up taxing industrial production and exports.

The economic warfare of the 1930s gave way to gun battles in 1939. World War II lasted six painful years. The world realised that arbitrary trade restrictions could have devastating consequences. As the war ended, a new set of institutions was set up to promote global cooperation on trade and investment flows.

Hindustan Times West UP

यह कहानी Hindustan Times West UP के April 22, 2025 संस्करण से ली गई है।

हजारों चुनिंदा प्रीमियम कहानियों और 10,000 से अधिक पत्रिकाओं और समाचार पत्रों तक पहुंचने के लिए मैगज़्टर गोल्ड की सदस्यता लें।

क्या आप पहले से ही ग्राहक हैं?

Hindustan Times West UP से और कहानियाँ

Hindustan Times West UP

Security, with safeguards

Prahaar does well to guide India’s counter-terror strategy in a fast-changing world. But effective prosecution and civil liberties remain just as important

time to read

2 mins

February 25, 2026

Hindustan Times West UP

India is now at a clean energy inflection point

The world today is increasingly getting split into two kinds of countries.

time to read

3 mins

February 25, 2026

Hindustan Times West UP

UK may bar Andrew from succession line

It’s been 90 years since a British royal was removed from the line of succession.

time to read

1 mins

February 25, 2026

Hindustan Times West UP

Weaving richer success for India’s apparel sector

India’s domestic textile and apparel market is estimated to be $180 billion and growing at 9-10%.

time to read

2 mins

February 24, 2026

Hindustan Times West UP

Hindustan Times West UP

MUKUL ROY, EX-RLY MINISTER AND FOUNDING TMC MEMBER, DIES AT 71

Former railway minister Mukul Roy, a founding member of West Bengal’s ruling Trinamool Congress (TMC), died at a Kolkata hospital in the early hours of Monday.

time to read

1 min

February 24, 2026

Hindustan Times West UP

Bihar to ban open sale of meat near schools, temples

Bihar deputy chief minister Vijay Kumar Sinha on Monday announced that the state government will prohibit the open sale of meat and fish near educational institutions, religious places, and in crowded public areas to maintain hygiene and public order.

time to read

1 min

February 24, 2026

Hindustan Times West UP

The great Indian local governance challenge

India’s founding fathers famously disagreed on many policy issues.

time to read

3 mins

February 24, 2026

Hindustan Times West UP

‘You have to colour within the line...comply with law’

Neal Katyal, the Indian-American lead attorney who successfully argued in the Supreme Court against US President Donald Trump’s powers to impose tariffs under the International Emergency Economic Powers Act, has termed the verdict a victory for constitutional government.

time to read

5 mins

February 24, 2026

Hindustan Times West UP

Managing crises in the absence of dialogue

Calibrated steadying mechanisms — rather than diplomatic breakthroughs — offer the most realistic path forward for managing India-Pakistan relations

time to read

4 mins

February 24, 2026

Hindustan Times West UP

SC: Steep changes in air fares serious issue

{ SUPREME COURT } This is a very serious concern. Otherwise, we don't entertain Article 32 plea (enforcement of fundamental rights).

time to read

1 min

February 24, 2026

Listen

Translate

Share

-
+

Change font size