The real barriers to trade are no longer tariffs
The article argues that non-tariff barriers (NTBs) like regulations, certifications, and licensing are now more significant obstacles to international trade than traditional tariffs. It suggests that trade diplomacy must shift focus from headline tariff numbers to these complex regulatory hurdles.
Why it matters
Understanding NTBs is critical for multinational corporations and policymakers navigating modern global trade agreements.
Recently, the CEO of a large multinational called to ask whether the upcoming visit of the United States Trade Representative to India could result in tariff rates returning to around 18% or settling at a different level.
The article provides an analytical perspective on trade policy without favoring a specific political ideology.
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