India's External Affairs Minister S Jaishankar stated on Friday that "nothing is only trade anymore" amid the ongoing tariff war that has created a Catch-22 situation for global trade. Nowadays, nothing is just business. Additionally, everything is personal. Speaking at the Carnegie India Global Technology Summit in New Delhi, Jaishankar described India's stance in the US-China trade conflict. 

Regarding the US-China rivalry and India's place in it, Jaishankar stated, "We've actually seen both extremes." “Our experiences (with respect to US-China relations) are very different. We've actually seen both extremes. For the first few decades after independence- there was very sharp contestation between the US and China, and we got caught in the middle of it. And then, even worse, a deep collaboration between the US and China and being at the wrong end of it,” Jaishankar said. Jaishankar also said that the world is moving into a time of intense competition and challenges, where it will become much more difficult for countries to plan and prepare.

“...in the past, we could insulate sectors, saying, you know, this doesn’t matter; this is only trade, it’s not political, it’s not defence, it’s not sensitive. I think what is our definition of what is sensitive has expanded. Nothing is only trade anymore. Nothing is purely business anymore. Everything is also personal,” he said.

On Thursday (IST), US President Donald Trump announced a 90-day pause on tariffs for several trading partners. However, he imposed an additional 125% tariff on China, bringing the total tariff on Chinese goods to 145%. In response, China said it would hit back with its own tariffs and vowed to "fight to the end." China has been working to gain support from other countries to oppose Trump's tariffs.

On the highly anticipated bilateral trade agreement with the United States, Jaishankar stated that India has prepared for a "very high degree of urgency." “This time around, we are certainly geared up for a very high degree of urgency. We see a window here and we want to seize that window. Our trade teams are really charged up. This is normally a complaint which in the past was made about us, that we are the guys slowing it down. Today, it is the other way around. We are trying to communicate that urgency on all three accounts,” he said.