New Delhi, Oct. 12 -- US President Donald Trump's tariff gambit has undeniably thrown the world into turmoil. By relying on a series of bilateral tariff bargains, he has effectively sidelined the multilateral framework of the World Trade Organization (WTO). Technically, 'most favoured nation' tariffs under WTO rules remain in place, and his proclamations still require judicial clearance as questions linger over whether he bypassed the US Congress in taking action.

Yet, if his "national security" justification fails, he is likely to fall back on another pretext, perhaps invoking Article 301 of the US Trade Act that allows retaliation against 'unfair trade practices.' With largely compliant legislators backing him, the likelihood of any ta...