Trade wars are not fought with missiles and tanks, but their impact can be just as devastating. They are battles waged with numbers, policy manoeuvres, and, often, a touch of political bravado. The latest salvo? A fresh round of tariffs proposed by Donald Trump ~ an economic cannonball that threatens to shake global markets and redraw trade alliances. But let’s not make a virtue out of necessity. Tariffs rank amongst the oldest tools in a country’s arsenal. Before free-trade pacts and worldwide value chains, empires and kingdoms utilized tariffs both for shields and for swords ~ protecting domestic industries from competition and striking at competing economies with retaliatory tariffs.

The British Raj played this game with perfection, drowning out India’s industries with predatory tariffs and ensuring British goods deluged the subcontinent. India, for its part, learned its lessons, too. From post-inde pen dence protectionism to present-day calculated imposition of import tariffs, tariffs have been used to protect national interests and promote industries. And now, history is repeating itself ~ only this time, the battlefield is global, the stakes are higher, and the players more interconnected than ever. The real question is: Will this new wave of tariffs strengthen economies, or are we all walking into a self-inflicted economic crossfire? President Trump’s fresh wave of tariffs ~ 25 per cent on imports from Canada and Mexico; 10 per cent on China ~ have fired up a new round of economic brinkmanship.

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What started as a policy aimed at “America First” is now reshaping global trade dynamics, forcing governments and businesses alike to rethink their strategies. Again, this is not a new play book, but Trump’s behaviour is not routine at all. In contrast with traditional tariff realignments through........

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