Mains Answer Writing
Concept Mapping Mentorship- Covering Syllabus Through Themes
- GS & Optional
Q1: What is the concept of 'Reciprocal Tariffs' in international trade? How do tariffs impact global trade dynamics? (250 words)
Category: Economy (GS -III),
Test Date: 13 Feb 2025
Approach:
- Introduction: Define reciprocal tariffs (tariffs imposed by one country on imports from another country at the same rate as the tariffs imposed by that country on the first country’s exports)
- Working of Reciprocal Tariffs:
- Explain how reciprocal tariffs are implemented as a countermeasure to unfair trade practices or imbalanced tariffs.
- Discuss the rationale behind reciprocal tariffs, focusing on the idea of fairness and maintaining balanced trade relations.
- Impact on Global Trade: increased costs for consumers and reduced competitiveness of businesses.
- Impact on Developing Economies: Focus on how developing countries with higher tariffs on US exports are more vulnerable to retaliatory measures.
- Use India as an example, explaining how its higher tariffs on US imports make it susceptible to reciprocal tariffs and how it may affect India’s key export sectors.
- Wrap up your answer
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