Why Trump bows to Xi but batters and mauls Modi
US President Donald Trump’s 90-day extension of a tariff truce with China while tightening the screws on India is rooted in the cold arithmetic of open macroeconomics – where the balance of real economic power, supply chain leverage and strategic resources determines who can endure a trade war and who must yield. In 2024, the United States ran a US$295.5 billion goods trade deficit with China, a
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