In April 2025, the US tore up the familiar trade framework. Executive orders introduced a “reciprocal” tariff regime: a baseline 10 percent levy on imports, scaling higher for countries with large trade surpluses unless they struck deals involving investment or purchase commitments. The message was clear, “Make a deal, or pay a higher price”.

Enter into a bilateral agreement with the US on its terms, or be hit with higher tariffs, was well communicated. The formula was blunt: negotiate concessions, investment pledges, or purchase commitments, and receive a capped rate, which is in many cases 15 percent. Those who resist, face steeper tariffs, such as the 25 percent rate imposed on India and 35 percent on Canada.

This approach overturned decades of US commitment to multilateral trade norms and the dispute-resolution mechanisms of the World Trade Organization. It also pushed the limits of presidential authority, inviting legal challenges at home and abroad. Critics call it “forced protectionism,” while the US frames it as “making trade more reciprocal” correcting trade deficits and rebalancing uneven trade relationships.

What emerged was a wave of bilateral agreements blending tariff relief with massive........

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