Before the US stopped its liberation day tariff for three months before July 9, it was clear that those levy would have to update from time to time as they were based on annual (flow) data. Any country in the high-tariff list can reduce its bilateral trade surplus with the US and demand a re-revolution of its tariffs.
It is important to remember this, as we can temporarily enjoy Malaysia or Vietnam on the basis of comparative benefits, just because they were charged high in the first round, can come into grief. Even China has been promised tariff drops from 145% (245% number is only for one or two products, for which the new levy was added to 100% tariffs already existing).
The promise for China is in the 50–65% range, perhaps in response to Chinese restrictions on exports of rare earth elements (necessary in the construction of magnets).
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India and America are working on a bilateral trade agreement (BTA). An initial focus will be on agricultural trade, where Tariff inequality The fatal is wide, but not much is known about the figure of BTA, besides it will be in two stages.
Tariff concessions will be the major focus of BTA, but non-tariff access barriers are also very high on the table. It is such that we can learn valuable lessons, as the use of haemors for business partners can also work to work with the domestic economy. If we learn the right lesson from the business stand-off, there is a huge scope for productivity growth in the economy.
For example, take a ban on import of commercial feeds for animals in India, such as milctile cattle, which carries ingredients of animal origin such as bone food.
To quote from 2025 National trade estimates report (31 March) of US Trade Representative (p. 202): “Also, the approval process for animal feed continues to complicate the jurisdiction process for the approval process. For example, in December 2019, in December 2019, in December 2019, [Food Safety and Standards Authority of India] Published direction I-95, announcing new requirements for commercial animal feed and feed materials, which are built, imported or distributed IndiaPrior to the publication of direction I-95, however, FSSAI did not regulate the manufacture, import or distribution of commercial animal feed or feed material in India. India indicated that it would issue an administrative order in 2024 to clarify the formal regulatory authority of animal feed; However, until 31 December, 2024, orders were not yet issued. ,
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Paragraph, if it is accurate, says that the first time the ban came into force in December 2019, which is surprisingly recently for the issue of such great social importance in India. This suggests that the ban was not within the Remit of FSSAI. Furthermore, India’s promise of an explanation at that time is the entry of the requirement of a formal regulatory authority, either through expanding the remit of FSSAI or establishing another regulator for animal feed. Finally, the paragraph highlights a familiar story – five years later, the regulator explanation was promised, still not.
Delay, delay. I have already written on delay which has plagues the Indian system, mainly on the delay in payment within the fiscal region. Delay in approval, response delay, your nam-these are also delays. Commercial delays can be reduced by Adam Smithian competition, but public institutions have no competition. The applicant is at their mercy.
Examination dates are postponed. Jobs are promised but no appointment letter is as follows. Arterial road repair is started and then delayed indefinitely. Road repair can destroy underground water and sewage pipes, or phones and internet lines, which may be delayed indefinitely. Commercial activity, whether it is for export or domestic market, can only become more productive when this task is known within the public infrastructure parameters and does not hang in Limbo.
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The Landmark Supreme Court’s decision which sets the deadline for the time limit, within which the state governors should give their response to the state law and wait for the notification is a big step in the right direction. Practically each state has experienced a period, during which the law was passed duly, which had been waiting for the Governor’s assurance for years. The decision of the Supreme Court serves to maintain the paramount importance of elected bodies such as state assemblies. It does not weaken those institutions in any way.
The constitutional provision for the Finance Commissions has played a sterling role in protecting the statutory sharing of fiscal resources between the Center and the states politically motivated. The standard operating process for these statutory flows ensures that the funds from the Center flow together at all the states known in all states that are not formula and discretionary.
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These provisions have preserved the Indian Federation and thus the size and yield of the Indian economy. The 16th Finance Commission is now in the session, but a member has resigned and has not yet been replaced. It is important that this vacancy should be filled to work with full force without delay for the Commission, as determined under Article 280 of the Constitution of India.
The author is an economist.