New Delhi, Jan. 30 -- As global trade undergoes a fresh reordering amid renewed tariff tensions, India will need much more than trade deals to secure long-term gains, according to a report by Emkay Research.

The report noted that tariffs have had a limited impact on correcting global trade imbalances in the current cycle, highlighting the growing agility of global corporations in adapting to trade disruptions.

The report observed that "Trade War 2.0" has unfolded with China deploying a familiar strategy seen during Trade War 1.0, though this time with greater refinement and preparedness.

Despite higher tariffs, global trade flows have adjusted rather than collapsed, as companies rerouted supply chains and diversified markets to cushion...