New Delhi, April 7 -- On the third day of the Boxing Day Test match between India and Australia in Melbourne on 28 December, when India were precariously placed at 191 runs for 5 wickets, Rishabh Pant at the crease attempted an audacious ramp shot off Scott Boland and got out. Sunil Gavaskar, in the commentary box, reacted with three words: "Stupid, stupid, stupid."

Indeed, like that cricket shot, 'stupid, stupid, stupid' is what best describes US President Donald Trump's tariff economics. It raises several points.

First, many of Trump's Make America Great Again (MAGA) supporters, possibly even him, seem to believe that tariffs will be paid by the countries exporting goods to the US. The fact is that tariffs are paid by importers, who t...