Impact of Trump's tariffs on India will be lower than for other countries, including China

Donald Trump clearly believes in "Make America Great Again". But what does "greatness" mean to him, for the other (less-noble) goals for which the slogan is a cover, and a remarkably chaotic implementation of his programme? In this bigger picture, the new tariff policies announced on April 2 seem relatively benign. After all, the United States has been a global leader in the openness of its economy, and has regularly struggled to get other economies to reciprocate fully. Some of the asymmetries in openness have been built into the rules governing the world trading system, which made allowances for the…