New Delhi, April 8 -- The US government's announcement imposing high, country-specific reciprocal tariffs represents one of the most important changes in the global economic environment, resulting in a meltdown in financial markets.

It is a clear signal that the world is moving away from multilateral free trade regime built on the principle of most favoured nation (MFN) and declining tariffs, to a regime of country-specific tariffs aimed at "creating a level playing field.

Global trade patterns are likely to undergo a change with the high levels of tariffs on the table and the wide variation in country-wise tariffs. The profound nature of the changes will have far-reaching impact on supply chains, industrial policies and economic strate...