New Delhi, Aug. 2 -- Under Trump 2.0, it appears that even the fig leaf of environment sensitivity has been dispensed with, and a robust and aggressive protectionist stance is the strong flavour of his Second Coming.

In the EU, German and French industrial policies include huge subsidies and protectionist 'Buy European' clauses. India's 'Atmanirbhar Bharat Abhiyan' (self-reliance campaign) and 'Vocal for Local' programmes are illustrative of the rapidly changing global economic landscape. Inherent in this new phase is the risk of deglobalization. A December 2022 Goldman Sachs report, The Path to 2075: Slower Global Growth, But Convergence Remains Intact, covering 104 countries, underlines that two decades of emerging markets convergence ...