New Delhi, April 9 -- A week is a long time in politics," quipped former UK prime minister Harold Wilson during the 1964 sterling crisis that led to the devaluation of the pound and eventually saw it replaced by the dollar as the international reserve currency. Fast forward to April 2025. To the turmoil in global markets in the week since 2 April 2025, when US President Donald Trump announced his reciprocal tariffs, and a week seems more like an eternity. Not only in politics, but in economics, finance, trade... you name it.

On Monday, as markets tumbled across the world, including in India, fear stalked the streets. Tuesday's recovery did little to assuage fears that Trump's 'sweeping and swingeing' tariffs and the retaliation-or threat...