April 2, 2025, may go down as a turning point in global economic history. On this day, US President Donald Trump unveiled a sweeping new tariff plan that rattled markets. The week thereafter was a bit of a rollercoaster. Trump offered much of the rest of the world a 90-day reprieve, but with China, a full-fledged trade and tariff war is brewing. US tariffs on Chinese imports today are 145%. Chinese tariffs on American imports are 125%.

This contest could mark the end—or at least a major transformation—of the era of economic globalisation as we’ve known it for over three decades. The liberal trade order that has driven prosperity since World War II is under serious strain. The logic of economics is increasingly giving way to political and geopolitical calculations. While globalisation may not be entirely dead, it is certainly being redefined.
In this episode of The Great Power Show, I speak to my colleague, Anupam Manur—an economist and strong proponent of free markets—to unpack this moment. Anupam is Professor of Economics at Takshashila. He is also the author of ‘We The Citizens’.

Together, we explore the core logic of globalisation, the role of tariffs, and the deeper forces reshaping global trade—from shifting supply chains to the renewed focus on manufacturing. Are we preparing for the future, or retreating into the past?

About: The Great Power Show is a bi-weekly podcast featuring candid conversations and thought-provoking interviews with leading scholars, thinkers and practitioners on the geopolitical and geo-economic changes shaping our world.