The World Trade Organization has revised its merchandise trade volume growth projection for 2024 to 2.6 per cent, down from its October estimate of 3.3 per cent. While slower global trade growth will affect prospects, India should focus on emerging possibilities. The US and China, for instance, have been in a trade war — alternately hot and cold — for at least the past five years. The US initiated this shift by imposing a 25 per cent tariff on certain Chinese imports into the country, especially intermediate goods, in July and August of 2018. Further tariffs were imposed over the