New Delhi, March 3 -- The recent wave of tariff announcements by the Trump administration in the US marks a significant shift in global trade dynamics. With 10 percentage points (pp) of additional tariffs on Chinese imports already implemented, and a flurry of additional announcements (25pp additional tariffs on Mexico and Canada, plus additional tariffs on steel and aluminium), there is a lot on the US policy plate.

Further, there is the possibility of even more drastic measures like "reciprocal tariffs" (with the possible inclusion of foreign value added taxes) and duties on US imports of critical minerals, apart from universal tariffs on all imports.

We are realizing that all this was not just campaign rhetoric. Unlike during Donald ...