Trump's reciprocal tariffs: Time for India to rethink its trade policy

President Donald Trump of the US is tearing apart the multilateral trading system with his self-confessed love of tariffs, which he seems to imagine would yield huge extra revenues extracted from trade partners. In a press conference after his talks with India's Prime Minister Narendra Modi, he promised to levy reciprocal tariffs. Whatever duties India levies on imports from the US of specific items (or classes of goods), the US would levy on imports from India. This would not be a big disaster for our US-bound shipments. According to former trade service official Ajay Srivastava, on 75% of the goods…