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2025: When multilateralism weakened, but global trade remained resilient
Business Standard
|December 29, 2025
This year, the multilateral trading system suffered a severe setback, yet global supply chains displayed remarkable resilience.
EXIM Bank managing director, David Rasquinha
China demonstrated its dominance over critical minerals and advanced technologies, while India responded to external shocks by deregulating selectively and boosting domestic consumption.
The US unilaterally raised import duties on a wide range of products and moved away, in practice, from the longstanding principle of treating all trading partners equally. It imposed varying tariff rates on imports from different countries.
The US started from a maximalist position and then negotiated trade frameworks with regions and countries such as the European Union (EU), Japan, South Korea, and Vietnam, while holding trade talks with others, including the UK, Pakistan, and Indonesia.
Denne historien er fra December 29, 2025-utgaven av Business Standard.
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