New Delhi, Dec. 21 -- Crystal ball gazing is rarely a good idea for economists, but the tumult in international relations this year demands an exception. The year 2025 has been one of tariff tantrums, export controls, and the invocation of exceptional legal frameworks across developed economies-each revealing the contours of the true world economic order.

Even though the dollar is said to be losing dominance by "stealth," it remains undeniable that many countries still need both the US and China. For India, this reality is particularly challenging: nearly a fifth of its exports go to the US, and recent tariffs triggered a sharp decline in shipments in September.

Like many of its peers, India hopes to reduce this reliance and has turned ...