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India’s tariff shock: a test of resilience or the chance to reinvent its economy?
India’s economy entered 2025 with momentum few emerging markets could match. Extreme poverty had nearly vanished, an S&P sovereign credit upgrade had lowered capital costs, and GDP growth was running at the fastest pace in Asia. Investors spoke of a once-in-a-generation chance for India to evolve from a service-led economy into a global manufacturing hub. Then Donald Trump doubled tariffs on Indian goods to as high as 50%. What began as punishment for India’s Russian oil purchases has escalated into the most severe trade rift between Washington and New Delhi in decades. The shock has thrown into question not just ... (full story)
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