New Delhi, May 5 -- The early months of US President Donald Trump's second term have already led to global chaos, particularly because of reciprocal tariffs. While US GDP contracted in the first quarter, a recession may still be a few months away. Nevertheless, Trump's approval ratings have taken a hit, bond yields and uncertainty have surged, and the economic outlook has dampened. A stronger US jobs report brought some optimism, but there are questions about whether it will last.

The impact of Trump's policies, especially his flip-flops on reciprocal tariffs, is yet to fully kick in. However, the US economy already suffered a setback in the first quarter of the year. GDP contracted 0.3% in January-March, the first such decline since the...