In this episode we explore:
How Trump's tariffs reshaped the global order — and why every major economy (except China) surrendered
The Supreme Court ruling on tariffs and what it means for India's ongoing US trade deal negotiations
Section 301 investigations: naked bullying or legitimate trade pressure?
India's energy sovereignty dilemma — should we have continued buying Russian oil?
Why India's trade agreements are peripheral — and what actually drives export competitiveness
The product gap: why India excels at assembly but falls short on deep manufacturing
China's $110B+ trade surplus with India — a problem of low exports, not high imports
WTO's slow death and the shift toward coalition-based trade rules
What India must do: reverse engineering, anchor firms, and plug-and-play industrial clusters
This conversation spans India's trade history from the pre-liberalisation era to today — and makes the case that trade deals are the periphery; the real battle is product development and industrial depth.
Chapters:
0:00 – Intro & teaser highlights
0:48 – The fracturing of the rules-based trade order
1:56 – Guest intro: Ajit Singh (GTRI)
3:16 – Trump's biggest contribution to trade literacy
4:32 – Why every major economy surrendered to Trump
6:45 – India's strategy in a fragmented world
9:23 – Recap: One year of Trump tariffs
15:42 – India's sovereignty dilemma: Russian oil & the US trade deal
20:32 – India's FTAs: 23 agreements and what they actually achieve
28:20 – Trade deals are peripheral — product quality is what matters
37:05 – India–China trade: $110B deficit explained
40:48 – What India must prioritise to become competitive
45:38 – The WTO: history, decline, and uncertain future
52:46 – Inside a trade negotiation: what really happens in the room
