New Delhi, March 10 -- To borrow from the Greek philosopher Heraclitus, the only constant in Donald Trump's second presidency so far is change-in tariffs. Tariff rates and exemptions are constantly evolving in response to market reactions, diplomatic efforts, trade negotiations and domestic lobbying. In keeping track of who is being hit by what tariff, one cannot overlook other, equally important, geopolitical shifts that have taken place in the last month or so and are somewhat attributable to the US president.

China: High on confidence

The annual "Two Sessions" Parliamentary conference in China set an ambitious growth target of 5% for 2025, to be supported through a higher fiscal deficit and looser monetary policy. The announcements m...