| China will expand its imports, Vice Premier Ding Xuexiang said in Davos on Tuesday, trying to make the most of what appeared to be a Trump tariff detente. (In his second day in office, the US president said 10% tariffs on Chinese imports were still on the table.) “We don’t seek trade surplus. We want to import more competitive, quality products and services to promote balanced trade,” Ding said of a country that hit a record $1 trillion trade surplus in 2024. Whether Trump buys that or not, Indian business leaders are skeptical. China dumping is the biggest challenge this year, not Trump’s trade policies, JSW Group Chairman Sajjan Jindal told me in an interview, adding that India should restrict cheap steel imports from China. But China’s not the only country trying to make nice with Trump. India is set to take back 18,000 citizens residing illegally in the US, Bloomberg reported. Meanwhile business leaders, while bracing for volatility, are finding enthusiasm for Trump’s pro-growth stance and are inclined to invest more in the US to satisfy his America First agenda. If needed, Mahindra & Mahindra can manufacture more tractors in the US, said Anish Shah, group CEO and managing director. “Atmanirbhar America” said Prashant Ruia, director at Essar Capital, comparing it to Modi’s Make in India policies. Not everyone is convinced Trump can unleash a giant wave of animal spirits in his second term. When he first came to power, US interest rates were around zero versus today’s high borrowing costs. The country’s debt bill was a couple hundred billion a year then, and is now about a trillion. Trump has a lot of constraints that he didn’t have the first time, former IMF chief economist Kenneth Rogoff told Bloomberg TV. | 
