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U.S. Tariffs and WTO Crisis Syllabus GS 3: International Trade Why in the News? Recently, the United States imposed temporary import surcharges under Section 122 after a Supreme Court ruling, while launching Section 301 probes, raising concerns about WTO rule violations and global trade fairness. Introduction Recent actions by the United States on tariffs have …
Read MoreWhy in the News ? Trump’s high tariffs on Chinese imports are being compared to major past US policy shifts—the Nixon Shock and Volcker Shock—for their transformative impact on the global economy, trade balances, and monetary system, reigniting debates on protectionism and global trade. The Nixon Shock (1971): Collapse of Bretton Woods Post-WWII era (1949–1969) …
Read MoreWhy in the news? Tariffs are likely being used as aggressive opening moves in a broader negotiation strategy, especially in bilateral contexts. The Trump administration’s approach, while strategic, tends to undermine established international institutions. It erodes mutual trust between trading partners and challenges the norms of multilateral cooperation. Understanding Trump’s Trade Approach and Its …
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