New Delhi, Feb. 19 -- The energetic kick-off of new policies by the US administration under President Donald Trump has shaken if not stirred the global economic cauldron a fair bit already, and continues to do so with much vigour.

What began as levies on Chinese imports and on neighbouring countries Canada and Mexico has now begun to rapidly engulf the world. The US has articulated its intent: it wants a levelling-up over import levies imposed by others on American goods, the development of its domestic manufacturing industry, and to push ahead with fossil-fuel mercantilism.

Thus far, the world's response has ranged from trade skirmishes to capitulation, marked by intense sabre rattling.

For example, the Trump administration suspended ...