Nepal, Dec. 3 -- The international trading regime is experiencing an unprecedented shift due to geopolitical tensions and the rise of protectionism. Global trading rules are being distorted, if not ignored, as trade is being weaponised to show supremacy and achieve foreign policy objectives. The Trump administration has taken the lead in this campaign, bringing a ripple effect in many countries that are trade partners of the United States.

The imposition of multiple rates of customs duties by the US administration, which vary from country to country, goes against the principles of the multilateral trade rules. The General Agreement on Tariffs and Trade (GATT) rules, which govern international trade, basically rest on three principles. Th...