Trump has triumphed over critics, including me, in 2025. His state of the union message in January foretold a sharp rise in tariffs, and dismantling of the global rulesbased economic system as well as the US’ role as global policeman that had driven the fastest economic growth in post-WW2 history.
Then came his ‘Liberation Day’ in April, when he threatened tariffs that went up to 150% for China, and up to 30% on major partners, inviting retaliation and plunging the world into a deep recession. Markets crashed in India, and everywhere else.
In fact, India and the US have grown at high rates that seemed fantasies 12 months ago. The US has just recorded 4.3% growth in the last quarter, and India has registered 8.2%.
This is a TOI+ Story. Unlock this story and enjoy all TOI+ member benefits.
This article was originally published by The Times of India on Dec 31, 2025.
