Trump’s tariffs, world trade – and India’s options

News Snapshot:

Liberation Day” has delivered what is arguably the greatest shock to the global trading system in recent times with US President Donald Trump unveiling his policy of reciprocal tariffs. Comparisons are being drawn with the Smoot-Hawley Tariff Act of 1930 that had then led to the collapse of global trade. Trump has spared neither friend nor foe, with countries across the board — from allies like the UK and EU to China and even Madagascar — facing the spectre of significantly higher tariffs. For now, predicting how this ends is beset with difficulties. Two sets of tariffs have been imposed....