At the inaugural Aravali Summit hosted by Jawaharlal Nehru University’s School of International Studies, External Affairs Minister Dr S. Jaishankar underscored how fluctuations in tariff regimes are upending conventional trade calculus worldwide.

“Trade calculations are being overturned by tariff volatility,” he asserted, in a pointed reference to recent U.S. tariff policies. He elaborated on how the world is witnessing a dramatic concentration of manufacturing and said, “A third of global manufacturing has moved to a single geography, with attendant consequences for supply chains.”

Against a backdrop of growing anti-globalisation sentiment, Jaishankar cautioned that changes in tariffs are disrupting established economic models. He went on to survey the evolving global order, noting seis

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