Tariffs: Trumpeting Triumph or Tragedy?

TARIFF HAS BEEN the most prominent word in global headlines over the last few days — certainly in the business papers, but also in mainstream news media.

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President Trump's announcement of massive reciprocal tariffs came as a bombshell. All countries faced a base tariff, with higher reciprocal rates for a large number. India, with 27 per cent, was better off compared to its immediate neighbours.

China was initially hit with an 84 per cent tariff and tit-for-tat responses followed: the US upped their figure and China too responded with a raise. Rather like an auction - quite hilarious, if the trade war between the two biggest economies did not have global implications, affecting all countries. Even close allies like the EU, and neighbours - like Canada and Mexico - were not spared by Trump. In an indication of global coverage, Trump's announcement included Laos and Fiji, in his 'reciprocal tariff' list (who says he knows the names of only a few countries?). To make the list comprehensive, it included two small Antarctic islands - inhabited only by penguins!