New Delhi, March 7 -- This week, the new US president addressed the US Congress in what turned out to be the longest speech in history. Apart from talking about immigration, geopolitical conflicts and making America great again, Donald Trump reiterated his strong stance on tariffs. He singled out India for its high tariffs on US auto exports to India and threatened reciprocal tariffs.

Now is the time to delve into the intended and unintended consequences of Trump's tariffs.

In the six weeks since Trump assumed office, he has imposed (and threatened) tariffs on a whole bunch of countries and sectors. Countries on his radar have included the US' largest trading partners-China, Mexico, and Canada. Tariffs were paused to bring them to the n...