New Delhi- Trade calculations are being overturned by“tariff volatility” globally, External Affairs Minister S Jaishankar said on Monday against the backdrop of economic disruptions triggered by Washington's policy on trade tariffs.
In an address at an event, Jaishankar delved into the“strategic consequences” of profound changes being witnessed in the geopolitical landscape, including the shifting of one-third of global manufacturing to a single geography, in an apparent reference to China.

“Consider the global landscape now and let us reflect on the intensity of the transformation and their implications. A third of global manufacturing has moved to a single geography, with attendant consequences for supply chains,” he said.

“There is rising anti-globalisation sentiment in many societies. Trade calculations are being overturned by tariff volatility,” he said, in an oblique reference to Washington's policy on tariffs.

Jaishankar was speaking at the first Aravali Summit hosted by Jawaharlal Nehru University's School of International Studies.

The external affairs minister's remarks on tariff volatility come amid a downturn in ties between New Delhi and Washington after US President Donald Trump doubled tariffs on Indian goods to a whopping 50 per cent, including a 25 per cent additional duty for India's purchase of Russian crude oil.

“The global energy scenario has changed profoundly with the US becoming a major fossil fuel exporter and China a key renewable one. There are competing models on the harnessing of data and evolution of Artificial Intelligence which jostle with each other,” he said.

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