If one is following international trade, the issue of reciprocal tariff and its impact on global trade rules, reciprocity, trade ties, rules of the game, dispute settlement is but a natural debate.
The reciprocal trade and tariff plan of the US is here.
The bottomline - "Under the Plan, my Administration will work strenuously to counter non-reciprocal trading arrangements with trading partners by determining the equivalent of a reciprocal tariff with respect to each foreign trading partner."
Two enlightening pieces on reciprocal tariffs - what they are, how they impact ecnomies and what the WTO has got to do with it are here:
1. Reciprocal tariffs is viewed as a result of WTO's failings - This Hinrich Foundation article.
2. Reciprocal tariffs could be a gamechanger in how the world views tariffs and how it will affect major economies - This Atlantic Council article spreads it all out with their experts.
The larger issue is how does reciprocal tariffs fit into the current set of global world trade rules and if they don't does it matter any more? has multilateral trade negotiation shifted to bilateral and regional avenues, even to reciprocal deals across sectors, not necessarily trade. What implications does this have for a rules based trading system - can the negotiating function at the multilateral body address the issue of reciprocity and perceived unfairness? What implications does this have on global trade if economies perceive multilateral trade rules as being unfair in differents ectors and chalk out a unilateral path of remdey.
One thing is sure - trade policy, international trade tules and trade negotiation is back at the forefron of foreign policy - albeit in an unconventional way.
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