Chennai, March 12 -- Early February, India Inc heaved a sigh of relief. The US trade deal was finalized and tariffs fell. Industry leaders, who had spent most of 2025 battling trade disruption, hoped that 2026 will herald a new beginning. But by the end of the month, they were facing a disruption again-far severe than what the tariffs had caused.

On 28 February, Trump did what all his predecessors hesitated to do-attack Iran. The West Asian nation, weakened considerably in recent months due to military setbacks and popular uprising among its people unhappy with their economic condition, did not collapse as Trump had expected. It not only fired missiles and drones at Israel and other Arab neighbours, but also did something it has never do...