"India's Foreign Minister Subrahmanyam Jaishankar in Kolkata on Saturday, expressed concern on the global trade's dependency on political considerations, as he spoke of the ongoing disputes and steep US tariffs. "This is an era where politics increasingly trumps economics, and that's not a pun. Decisions are now being made not merely on cost, but taking into account ownership and security," he said after receiving an honorary Doctor of Philosophy degree from the Indian Institute of Management (IIM) Calcutta. Jaishankar further noted that while globalisation still exists because it is too entrenched to be rolled back, powerful counter-forces are 'brought into play'. "Far from being an aberration, these trends have only just started and will probably pick up pace in times to come," he added. The Foreign Minister outlined that the United States, described as "the underwriter of the contemporary system," had set "radically new terms of engagement." Speaking on China, Jaishankar said the country had long operated 'by its own rules' and was now doing so even more assertively. "Even as it engages the United States and China directly, choices are avoided where feasible, and choices are made when beneficial," he added. Turning to the wider geopolitical landscape, Jaishankar said Europe and Asia were reassessing their strategic positions, the Middle East had undergone a transformation, Africa's growth potential was gaining recognition, and new opportunities were emerging in Latin America as distances became less relevant. The remarks come as the United States has imposed tariffs of up to 50 percent on imports from India since late August, even as negotiations continue. Media reports have indicated that India expects to secure a trade agreement with Washington before the end of the year."