New Delhi, April 15 -- In what has passed into diplomatic lore, when Henry Kissinger asked Chinese Premier Zhou Enlai in 1972 for his thoughts on the French Revolution (1789), he replied that it was "too early to say." The mis-translated reference was to French student riots in 1968, but before it could be corrected, the response became a byword for far-sighted leaders thinking in centuries rather than years.

In considering the current frenzy over unilateral tariffs, looking back just a few decades is helpful. Recall the outcome of the Uruguay Round (1986-1994) of negotiations that took place before the World Trade Organization (WTO) was set up to underpin the multilateral trading system.

A core feature of the Uruguay Round was its expa...