Tariffs and Turmoil: Negotiating the New World Order

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Tariffs and Turmoil: Negotiating the New World Order

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In the latest episode of “The INSEAD Perspective: Spotlight on Asia” podcast series, Sameer Hasija, Dean of Asia at INSEAD, sat down with Pushan Dutt, Professor of Economics and Political Science, to discuss how the new world order is creating a complex economic environment, where traditional business strategies are being upended by unpredictable political and technological shocks.

As an expert in international trade, Dutt offers his insights on the impact of the fast-changing United States tariff policies for the Asian region. Ultimately, he advises firms to adopt a "wait and see" approach, suggesting that rash operational moves to counter temporary political swings could end up being a costly, and ultimately unnecessary, mistake.

For him, a bigger concern is the massive investment by American and Chinese firms into AI, which could create a significant technological gap between those leaders and other countries. Organisations are historically slow to adapt, but firms in Asia need to fully understand the speed of exponential technological growth and the urgency of being prepared for the "gale of creative destruction" it will bring. In the same vein, countries like India and Indonesia need to overcome the slow pace of their bureaucratic democracies to become more agile and responsive. Whether it’s pivoting India’s IT sector to adapt to rapidly changing needs, or Indonesia’s efforts to move upstream in the nickel supply chain, speed is going to be key.

With the prospect of an incoherent and uncertain future, at least for the short term, business leaders cannot afford to be delusional about "crises being opportunities". Instead, they need to make sure they have the slack, both in terms of finances and time, to make quick decisions in response to unexpected or unknown crises as and when they arrive.

Note: This conversation was recorded before the start of the ongoing Middle East conflict.

View a video of the discussion.
Read the related INSEAD Knowledge article.

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