Time to re-visit India's trade policy

We need to recognise the importance of aligning with evolving regional trade formations and utilising preferential trade mechanisms

In early May, global trade tensions escalated as the United States increased its tariffs from 10 per cent to 25 per cent on $200 billion worth of Chinese goods. China retaliated on Monday, with the Chinese finance ministry announcing its plans to hike import tariffs ranging from 5 per cent to 25 per cent on a target list worth $60 billion of US goods.The renewed US-China trade war and related uncertainty is likely to have a negative impact far beyond the US-China bilateral trade on global growth. The WTO, in its revised estimates last month, has already trimmed world trade