Trump will throw out ‘rules’. Good for India

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Just days ago, it was reported that Biden planned to formally block Nippon Steel’s acquisition of US Steel. The takeover saga of US Steel, a storied American company, is illustrative at multiple levels. The putative acquirer is from a treaty ally of US. The industry in question is steel, an important industrial product but hardly one with massive tech trapdoors to be safeguarded.

Above all, the political proscription to the deal isn’t coming from the famously transactional Trump but an ancient regime swearing by principles of “rules-based international order”. The saga illustrates a consensus on a trend mostly blamed on status quo challengers like Trump and China (in different contexts), ie, the world’s changed irrevocably towards a transactional model of geopolitical engagement. But it isn’t a threat as much as it’s an opportunity, at least for India.

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