New Delhi, June 2 -- The economic landscape has shifted dramatically this year. What seemed like an inevitable march towards global recession has given way to cautious optimism, driven primarily by an unexpected de-escalation of trade hostilities between the world's two largest economies.

US President Donald Trump's decision to scale back tariffs-from an initial increase of 10 percentage points to a peak of 145 percentage points and then declining by 115 percentage points following the 12 May US-China trade deal-has fundamentally altered the global economic trajectory.

This trade detente couldn't have come at a better time for India. As tariffs between the US and China decline, leaving residual increases of just 30 percentage points on ...