Kaushik Basu calls Trump's reciprocal tariffs 'baffling', warns of risks

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Kaushik Basu calls Trump's reciprocal tariffs 'baffling', warns of risks - Business Standard

Quick Summary:

Former World Bank Chief Economist Kaushik Basu on Sunday described the reciprocal tariffs imposed on approximately 60 countries by the Trump administration as baffling, saying that while these tariffs will have some adverse effects on India, the major impact will be felt in the US.

Basu further said that it is also not really a reciprocal tariff as the Trump administration calls it, it is based on the trade deficit the US has with India.

Basu, currently a Carl Marks Professor at Cornell University, said it is natural for a country like the US, which has a currency that is trusted and used worldwide, to have trade deficits.