Globalization Now Being Seen as 'Zero-Sum Game,' Says Eswar Prasad

Описание: Eswar Prasad, Professor of Trade Policy and Economics at Cornell University & Senior Fellow at the Brookings Institution, discusses his new book 'The Doom Loop: Why the World Economic Order Is Spiraling into Disorder.'

In Donald Trump’s world of rushed dealmaking, patience was India’s strategy during its trade talks with the US president.
Back in April, when the second-term Trump administration advertised they were gunning for 90 deals in 90 days, Indian negotiators said they refused to be swayed “with gun to head.”
Ten months later, New Delhi’s go-slow approach is receiving praise after Trump and Prime Minister Narendra Modi announced Monday they’d reached an accord calling for the US to reduce tariffs on shipments from India to 18% from 50%. Half of that higher figure was punishment for India’s purchases of Russian oil, which Trump yesterday said India was ending but Modi stopped short of confirming.
So, was the surprise pact the result of TACO meets FOMO? Too few details were released to know yet, but Trump’s latest tariff-cuts-for-purchase-pledges accord did seem to get rushed into prime time — just a week after European Commission President Ursula von der Leyen rolled out the “mother of all deals” with India.
“We have created a free trade zone of 2 billion people, with both sides set to benefit,” she said in a post on X on Jan. 27. Just days earlier, Trump had dispelled any doubts at Davos that the rules-based global order was dead and that might now makes right.
US Trade Representative Jamieson Greer downplayed the European Union’s tariff-reducing grandstanding, declaring India the early winner against the 27-nation bloc, particularly on measures aimed at increasing “mobility for Indian workers into Europe.”
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