During his election campaign last year, Donald Trump was unequivocal in expressing his love for tariffs. In a rally, he said, “I always say that ‘tariffs’ is the most beautiful word to me….” That the new administration was serious about using tariffs to address a range of perceived and real ills was clear as early as January 20 with the release of the presidential memorandum on the “America First Trade Policy”. Rapid-fire moves have followed since, with tariffs being slapped on friends and foes, bracketed with exemptions, escalated, selectively paused, and more. Target states have responded in different ways: Some with recriminations and retaliations, some with stoic disapproval but no counter-measures, and others with pre-emptive tariff cuts and negotiation offers.

Commentary in Western media outlets, think tanks and research institutions has tended towards a mix of outrage and ridicule. Some describe Trump’s tariffs as an “own goal” for the US, while others decry their adverse impact on poorer countries. Not all criticism coming from an outspoken global elite is wrong. For instance, regardless of the framing, there is little “reciprocal” about the levies. There will almost certainly be increased costs for American consumers and producers in the short run; whether the administration will be able to counter these costs in the medium run remains to be seen. The scale and on-and-off nature of the tariffs have........

© Indian Express