India, Nov. 6 -- Those who once led the free-trade consensus are now building new walls. So as India proceeds to sign more trade deals, policy makers need to consider whose income rises, who benefits from cheaper goods, and who bears adjustment costs?

Countries change course with time, sometimes quite dramatically. Trade policy is no exception. In September 2001, President Bush waived nuclear-related sanctions on India. Twenty-five years later, in September 2026, President Trump signed the Lindsey O Graham Sanctioning Russia and Iran Act into law, allowing duties of up to 100% on major buyers of Russian oil, including India. The US has returned to unilateral tariffs and reciprocal demands. The European Union has also brought its carbon b...