A year and a half ago Donald Trump was bent on reversing globalisation, declaring “chronic trade deficits” a “national emergency” and slapping hefty tariffs on imports, while the protectionist mood spread: in August India’s prime minister, Narendra Modi, urged citizens to embrace swadeshi (self-sufficiency) and insisted that not “a single foreign thing” should enter their homes; the European Union moved to double tariffs on steel imports; and Mexico approved steep levies on goods from China and other Asian economies. An index compiled by economists from the World Trade Organisation (WTO) and the IMF shows that restrictive trade measures rose by over 60% in 2025 alone.