India, Aug. 23 -- The US administration under President Donald Trump has raised tariffs on Indian imports to the US triggering a crisis that has serious ramifications for business in both countries.

Tariffs, taxes, tolls have evolved over at least the last three millennia. All over the world taxes have existed in one form or another, growing more complex and comprehensive during the last century. They have evolved from simple levies on crops and other materials both consumed and held precious by humans to air waves and energy consumption. However, fundamentally they have remained unchanged: anything that is precious, profitable, and whose production and distribution can be controlled often attracts a tax. There is no getting off 'scot-fr...