New Delhi, April 9 -- In early April 2025, global financial markets were jolted by a sharp and unexpected escalation in trade policy. US President Donald Trump announced sweeping reciprocal tariffs targeting nearly every major trading partner, a move that went beyond the tit-for-tat approach of previous years.

US equities had the biggest decline in dollar value terms, losing $5.3 trillion in value last week, a 9.24% decline in value from last Friday close on March 28, 2025. Collectively, the Mag Seven came into last last week, already down 14.79% for the year (2025), but their losses last week, which massive in dollar value terms ($1.55 trillion) were close in percentage terms to the losses in the rest of the market.

China and India hav...