Sri Lanka, March 5 -- By Dr Asanka Wijesinghe
The proposed additional tariffs on the US imports from Canada, China, and Mexico went into effect early Tuesday morning (March 4), paving the way for a trade war between the US and major trade partners. In addition, the Presidential Memorandum on Reciprocal Trade and Tariff of the United States (US) has called for studies on the "unfair trade practices" of US trade partners to determine reciprocal tariff rates as a counter measure. This means that, if the EU has a 10% automobile tariff, the US reciprocal tariff would also be 10%, matching its trade partner's tariff.
With the US having roughly about 13,000 tariff lines, 200 trading partners, and about 2.6 million individual tariff rates, if the...