Weathering the trade tsunami – by Montek Singh Ahluwalia

The headlines of the past week were dominated by President Donald Trumpas he imposed a blanket 10 per cent tariff on all countries, with 57 of them singled out for much higher and varying rates. The unilateral imposition of different tariffs on different countries violated the “most favoured nation” clause of the world trading system, which prohibits discrimination across countries except as part of a free trade arrangement.