India, July 30 -- Since Donald Trump was sworn in once again as the 47th President of the US, the global strategic and economic communities have been recalibrating expectations around what the second wave of "Making America Great Again" would entail. Central to this renewed thrust has been Trump's signature approach to trade: tariffs, trade rebalancing, and the assertion of American economic power through unilateral measures. On April 2, 2025, the White House declared a "national emergency" under the pretext of unfair foreign trade practices. The day was marked as Liberation Day, ushering in a new regime of reciprocal tariffs on US trade partners, including allies and rivals alike.

Although most countries, including India, were given a 9...