The new faultlines of global trade: Tariffs, currency, and the spectre of disorder
Last week might well be remembered as the weak globalisation began to bleed in full public view. Markets reeled not merely because of fresh rounds of retaliatory tariffs between the United States and China, but because they sensed something deeper—a rupture in the global trade order that has underwritten peace, prosperity, and stability for over seven decades. If last week was a warning, this week might offer no reprieve. Especially as India’s own monetary policy committee meets under the shadow of cascading geopolitical risks, the interplay of trade and currency...