New Delhi, April 22 -- The imposition of 'reciprocal' tariffs across the board by US President Donald Trump plunged the world economy into deep uncertainty. Even their partial withdrawal, driven by sharp sell-offs in equity and bond markets, has lifted that uncertainty only somewhat. Underlying this is a deeper sense that the world economy and global trading system have undergone a fundamental structural shift away from the dominance of the US. China's imposition of export embargoes on a range of crucial inputs into global value chains, such as rare earth metals, has only exacerbated this sense of uncertainty.

It's unclear whether a new global trading system will actually materialize, but the events of the past couple of weeks are a majo...