New Delhi, April 11 -- An iPhone that costs double and no new Hollywood hits in China-welcome to the 2025 version of global economic warfare.

As the US slaps a 125% tariff on Chinese imports and Beijing retaliates by banning American movies, the world's two largest economies are entangled in a trade war that echoes the chaos of the 2013 taper tantrum.

Back then, it was interest rate jitters; today, it's tariff turmoil. But once again, emerging markets-and investor nerves-are paying the price.

The ongoing trade war is growing more intense, raising the risk of global economic fallout. As US and China impose tit-for-tat tariffs and protectionist policies, key indicators like inflation, interest rates, currency values, and GDP growth are l...