Tariffs are hard to predict, as they depend on political and economic priorities that can shift quickly. Earlier this year, the consensus view was that India would benefit from tariffs on China — but in reality, the opposite happened, with India facing unexpected headwinds. We believe this may have been influenced by global diplomatic considerations, particularly the ongoing Russia–Ukraine situation, where India was used as a scapegoat to pressure a settlement. Looking ahead, we think the worst of the tariff-related pressure is behind us and that some form of moderation is likely in the coming months as global market volatility forces policymakers to respond. Still, uncertainty remains high, and it’s no longer practical to take blanket bullish or bearish positions on countries. Will US and China have additional noise? – Answer is yes, and from time-to-time India will get affected due of that.