In a move that has captured global attention, U.S. President Donald Trump announced a 25-percent tariff on steel and aluminum imports, followed by a memorandum on February 13 directing the administration to assess \"the equivalent of a reciprocal tariff with respect to each foreign trading partner.\" This policy shift has sparked intense debate and widespread reactions across the world.
Indian scholar K. J. Joseph has voiced strong concerns about the potential ramifications of the \"reciprocal tariffs\" policy. According to Joseph, while exporters in countries like India are likely to bear the brunt of these tariffs, the adverse effects on the U.S. economy could be even more significant. He warns that the implementation of reciprocal tariffs may fuel inflation and jeopardize domestic economic growth, creating a challenging environment for consumers and businesses alike.
Beyond national borders, the introduction of reciprocal tariffs is reshaping global trade rules, introducing new layers of complexity and uncertainty. Joseph emphasizes that the disruption to established trade practices could lead to significant shocks in the global market, affecting not just the U.S. and India, but a myriad of other trading nations interconnected through international commerce.
As nations navigate this new landscape, the long-term implications of reciprocal tariffs remain a topic of critical importance for policymakers, businesses, and global citizens striving for economic stability and growth.
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Indian scholar: 'Reciprocal tariffs' policy to backfire on U.S.
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