New Delhi, March 19 -- Major global economies, shaken by the imposition of unexpected tariffs by the United States, were just about settling down and recalculating their financial setbacks in the aftermath of the U.S. Supreme Court's order striking down tariffs imposed by invoking the International Emergency Economic Powers Act (IEEPA) on 20th February. As markets began adjusting to the decision, the U.S. administration imposed an unexpected 10 percentad valorem tariff on almost all imports on 24th February.

Four days later, on February 28th, the coordinated attack by the United States and Israel on Iran escalated into a full-fledged war, which has now entered its third week.

Amidst the crisis in West Asia-already impacting the global e...