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Global trade tumbles: Amid turmoil, India needs reform, not protectionism

The US' major trading partners - Canada, Mexico, and the European Union (EU) - have said they will fight back against the US tariffs

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In these “interesting times,” India must emerge a winner and find ways to turn risk into opportunity for a Viksit Bharat. (Illustration: Ajaya Mohanty)

Ajay Chhibber

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Donald Trump’s trade tantrums have sent shockwaves throughout the global economy. He imposed a 10 per cent tariff across the board on all imports, and a steeper 25 per cent tariff on steel, aluminium, automobiles, and auto parts. He introduced his crude and senseless reciprocal tariff plan, but then announced a 90-day delay in its implementation to allow time for concluding bilateral trade deals.
 
He has singled out China with the heaviest tariffs of 145 per cent, expecting it would cave in quickly. But China has retaliated with 125 per cent tariffs on imports from the United States. The US’
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