Following U.S. President Donald Trump's announcement of a 25-percent tariff on steel and aluminum imports, a memorandum was signed on February 13 directing the administration to evaluate \"the equivalent of a reciprocal tariff with respect to each foreign trading partner.\" These measures have captured global attention and elicited strong international responses.
Indian scholar K. J. Joseph has voiced concerns that the implementation of \"reciprocal tariffs\" will not only negatively impact exporters in countries like India but will also have a more substantial adverse effect on the United States. According to Joseph, these tariffs are likely to fuel inflation and jeopardize domestic economic growth in the U.S.
Moreover, the introduction of reciprocal tariffs is disrupting global trade rules, which could lead to significant shocks and uncertainties in the international market. The ripple effects of these policies may undermine global trade stability and create further economic challenges for both developed and developing nations.
Reference(s):
Indian scholar: 'Reciprocal tariffs' policy to backfire on U.S.
cgtn.com
