As nations navigate significant disruptions and realignments, 2025 is a crucial year for global economics. The re-election of Donald Trump has brought a resurgence of global trade protectionism, creating substantial volatility in international markets. During his first term, Mr Trump focused on “America First” policies, implementing tariffs, trade restrictions, and stricter visa regulations that had a notable impact on sectors such as information technology (IT) services, textiles, and pharmaceuticals—key drivers of India’s gross domestic product (GDP) and employment. In fact, the prospect of tighter H-1B visa rules poses a serious challenge to the IT industry, which relies on US markets for nearly 60 per cent of its revenue.