India, Feb. 4 -- The present world is witnessing a situation of several impending tariffs on international trade. Tariffs in international trade are an instrument to reduce imports from specific countries and to promote indigenous production of goods and services. Countries grow rich by producing and selling value-added goods and services. The buyers of these goods and services can be within the country or outside. Obviously, more buyers are outside than inside and for this reason, exports hold the prime key to countries' enrichment.

The newly installed government in the USA is proposing to impose trade tariffs on several countries ostensibly to reduce the burden of taxes on the domestic population and promote indigenous manufacturing of...