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Repercussion of trade wars

Revoking MFN and imposing punitive duties on Pakistan would hit the Kashmiri traders hard Following terrorist attack on CRPF convoy in Kashmir, Indian government has taken several steps to isolate Pakistan in international forum. Hitting Pakistan economically is of course a reasonable approach. On this front, India has taken two steps: (b) abolish MFN status to Pakistan (b) impose 200 percent duty on Pakistani goods. Since India has notified World Trade Organisation (WTO) that it is revoking MFN status to Pakistan, technically it is in a position to raise tariffs without being dragged to WTO on this punitive measure. […]

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