You feel sorry for yourself, angry that you are being pushed around, and hopefully would want to do something to push back the bully.

The bully is the USA, embodied by Trump and his merry band of Yes-men who have brought chaos and mayhem in the world, sparing no one - friends, allies, strategic partners, adversaries, etc.

India seems to have a special place here and has been singled out for exemplary punishment! Trump and his administration have slapped a 25% tariff, added another 25% for buying Crude oil from Russia, bullying India to open up the agricultural sector, H1B Visa application charge hike to $100,000, 100% tariff on pharma imports etc.

Throughout Trump and his minions were abusing India of being a tariff king, fuelling Russia-Ukraine war, claiming mediation in the India-Pakistan short war in May, threatening India and other countries for abandoning the dollar and for being part of BRICS, etc.

The conduct thus far has been that of a street thug, instead of indulging in sophisticated diplomacy that normally is the case between countries.

It is facing blowback now with many countries silently kicking its underbelly. Canada, Mexico, China, Europe, and others have stopped buying US corn, meat, seafood, soybeans, etc. Brazil, Argentina, and others are now supplying these and other commodities globally. This is a major hit to the agrarian states of the US, which have been Republican supporters. Tourist arrivals to the US is dwindling, again having a devastating effect on the tourist economy.

The sentiment against US is steadily building up all across the world. Canada does not want US wine and many of their other products. South Koreans are livid about how their legal workers who had gone to the US to build a battery factory were treated like criminals. There is anger in India too.

In India, there is a call to use Arattai instead of Whatsapp, Zoho Workplace instead of MS Office, etc., in business and personal settings, again coming out of these circumstances. We had also seen the abrupt stoppage of services by Microsoft to Nayara Energy (for a brief period), when US has imposed the additional 25% tariff. A call to boycott US products is not just happening in India but across the globe.

The world order is changing. The dollars primacy is being questioned. New Financial Systems are being tested. The process has just started.

Trust is a very important ingredient. It takes years to build Trust and just minutes /days to lose it.

We are monitoring the situation, which is changing every day. As it stands, we do not see a need for any major changes in the strategy or the portfolio, due to this. In uncertain times it makes sense to wait and watch instead of any knee-jerk changes. We will suggest changes if called for.