Hindi English Translation || Editorial || American retreat: On Trump’s turn to protectionism

American retreat: On Trump’s turn to protectionism

The U.S. risks ceding its position as a global economic powerhouse

What United States President Donald Trumpdid to global trade on April 2, 2025 in Washington closely mirrors a disruptive (विघटनकारी, अपरंपरागत) precedent (मिसाल, पूर्व उदाहरण) set by President Richard Nixon in 1971. On August 15, Nixon stunned the world by announcing the “temporary suspension” of the U.S. dollar’s convertibility into gold. This effectively (प्रभावी रूप से) dismantled (ध्वस्त करना, तोड़ना) the Bretton Woods (The Bretton Woods Institutions are the World Bank and the International Monetary Fund (IMF)) framework that was worked out quite unilaterally (एकतरफा रूप से) in 1944, which led to the setting up (स्थापना, निर्माण) of the World Bank (विश्व बैंक) and the International Monetary Fund (अंतर्राष्ट्रीय मुद्रा कोष), and provided an anchor (mainstay, chief support, linchpin) for global currency stability (वैश्विक मुद्रा स्थिरता) — an avenue (a possible way of achieving something; approach, method, path, direction, course of action) to address (tackle, deal with, attend to, try to sort out) balance of payments crises, and to finance the reconstruction efforts of former colonial powers. Though announced as a temporary move (कदम, उपाय), it became permanent and upended (overturn, overthrow, topple over, knock down, capsize, cancel; turn something upside down) the global financial system, as nations reckoned with (deal with, cope with, contend with, handle, tackle, face up to) a new era of financial market volatility (अस्थिरता, अनिश्चितता). Similarly, Mr. Trump’s reciprocal tariffs (पारस्परिक कर) have instantly (तुरंत) ushered in (to signal the beginning of something new; to make something new begin; start, initiate, introduce) global economic uncertainty (It refers to the lack of predictability and stability in the economic conditions), the full extent (magnitude, size, degree, level) of which will be felt in the months and the years ahead. By unilaterally altering trade relationships, he has disrupted the very (exact, actual, precise, just right) system of interconnected global commerce (trade, trading, business) that the U.S. helped build in the post-war era.

The international reaction has been one of shock (blow, upset, disturbance, distress) and concern. The U.S. is the world’s largest importer of manufactured goods, accounting for (constitute, make up, comprise, form) about 13% of global imports in 2023. The new tariffs (a tax imposed by one country on the goods and services imported from another country) will reroute supply chains (a dynamic network when a company purchases or uses goods or services from others. It involves people, information, processes, and resources involved in the production, handling, and distribution of materials and finished products or providing a service to the customer) and force countries to diversify (vary, bring variety to; modify, alter/change, transform, expand, enlarge) their export strategies (plan of action (in order to achieve a more expansive set of political, economic, and security interests)). In the immediate term (at the present moment; in the short term; in the near future), the cost of imports will rise for American consumers, leading to reduced demand. The ripple effects (an event (or a process/action) that causes several other events to happen indirectly one after the other; knock-on effect, domino effect) will be global, causing production slowdowns (deceleration, slump, decline, weakening, slackening) as exporters scramble (struggle, hurry/hasten, rush (to do something to achieve a goal/result)) to find alternative markets. Economies such as China, Japan, India and the European Union are likely to experience (suffer, live through, go through, endure, face, encounter, undergo) a temporary decline in economic growth. Yet, unlike in the Nixon era, the U.S. today holds a diminished position in global trade. In the 1970s, it was the world’s dominant trader, with an estimated 13%-15% share of global trade. China’s presence was negligible (insignificant, minimal, slight, unimportant, trivial, meagre) at the time, accounting for less than 1%. Today, China commands (receive, be given, get, gain, obtain, secure) the largest share of global trade, at around 14%, while the U.S. has slipped (fall, drop, decline, decrease, plunge, plummet, slump, go down) to roughly 10%. The international community also accepted the dollar’s supremacy (dominance, superiority, advantage) in the 1970s because of America’s overwhelming (very great/large, very strong, forceful, profound, formidable, massive, enormous, immense; complete, total, blanket, sweeping) economic and technological dominance (domination, authority, supremacy, influence). Now, although the dollar remains the preferred reserve currency (a foreign currency that a government, central bank or other major financial institutions hold as part of the their reserves), the centre of economic gravity has shifted. The world’s leading exporters of advanced technologies are now China and other Asian powers, including South Korea, Japan, and Taiwan. Thus, Mr. Trump’s turn to protectionism (संरक्षणवाद) — an attempt to regain American economic dominance — may well hasten (speed up, quicken, accelerate, expedite) the country’s retreat from its hegemonic (dominant, supreme, influential, controlling, commanding, authoritative) position.

Courtesy: The Hindu

Important Word List With Meaning

1.Retreat (noun)

Hindi Meaning - पीछे हटना, वापसी
English Meaning - withdrawal, pulling back, back down, U-turn, exit.

2.Protectionism (noun)

Hindi Meaning - संरक्षणवाद
English Meaning - it is an economic policy where a country (state) imposes restrictions like tariffs, quotas, and subsidies to shield its domestic industries from foreign/inter-state competition.

3.Disruptive (adjective)

Hindi Meaning - विघटनकारी, अपरंपरागत
English Meaning - unconventional, unprecedented, unusual, unfamiliar, off-centre.

4.Precedent (noun)

Hindi Meaning - मिसाल, पूर्व उदाहरण
English Meaning - a past action, event, or decision that serves as an example or guide for future situations; previous example, previous instance, prior instance, previous case, model, exemplar, pattern. ​

5.Effectively (adverb)

Hindi Meaning - प्रभावी रूप से
English Meaning - practically, virtually, in effect, all but, more or less, almost.

6.Dismantle (verb)

Hindi Meaning - ध्वस्त करना, तोड़ना
English Meaning - demolish, knock down, destroy. ​

7.Unilaterally (adverb)

Hindi Meaning - एकतरफा रूप से
English Meaning - used to indicate something done by a person or country without approval or agreement from other people or countries involved in the situation.

8.the setting up (noun)

Hindi Meaning - स्थापना, निर्माण
English Meaning - the act of establishing or creating something (such as an organization, institution, system, etc.); establishment, formation, creation, initiation, launch.

9.World Bank (noun)

Hindi Meaning - विश्व बैंक
English Meaning - The World Bank is an international development organization owned by 187 countries. Its role is to reduce poverty by lending money to the governments of its poorer members to improve their economies and to improve the standard of living of their people. The World Bank was established in 1944 to help rebuild Europe and Japan after World War II. Its official name was the International Bank for Reconstruction and Development (IBRD).

10.International Monetary Fund (IMF) (noun)

Hindi Meaning - अंतर्राष्ट्रीय मुद्रा कोष
English Meaning - an international organization of 189 countries, headquartered in Washington, D.C., working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world. ​

11.Global currency stability (noun)

Hindi Meaning - वैश्विक मुद्रा स्थिरता
English Meaning - a condition in which the exchange rates of world currencies remain steady, minimizing fluctuations and promoting international economic confidence.

12.Move (noun)

Hindi Meaning - कदम, उपाय
English Meaning - activity, step, measure.

13.Volatility (noun)

Hindi Meaning - अस्थिरता, अनिश्चितता
English Meaning - unpredictability, instability, unreliability.

14.Reciprocal tax (noun)

Hindi Meaning - पारस्परिक कर
English Meaning - a tax imposed by one country on imports from another country in response to similar tariffs. The tariffs aim to match or offset tariffs and other trade barriers imposed on US goods by foreign nations.

15.Instantly (adverb)

Hindi Meaning - तुरंत
English Meaning - immediately, at once, right away, without delay.

16.Cede (verb)

English Meaning - give up, concede, surrender, relinquish.

17.Powerhouse (noun)

English Meaning - a person/organisation/country/state with a lot of energy, power & influence.

18.Mirror (verb)

English Meaning - to reflect, reproduce, imitate, simulate, mimic, echo, match, copy.

19.Bretton Woods (noun)

English Meaning - The Bretton Woods Institutions are the World Bank and the International Monetary Fund (IMF).

20.Framework (noun)

English Meaning - structure, scheme, system.

21.Bretton Woods system (noun)

English Meaning - A new international monetary system was forged by delegates from forty-four nations in Bretton Woods, New Hampshire, in July 1944. Delegates to the conference agreed to establish the International Monetary Fund and what became the World Bank Group. The system of currency convertibility that emerged from Bretton Woods lasted until 1971.

22.Led to past tense and past participle of lead to (phrasal verb)

English Meaning - cause, bring on, bring about, result in, produce, or give rise to.

23.Anchor (noun)

English Meaning - mainstay, chief support, linchpin

24.Avenue (noun)

English Meaning - a possible way of achieving something; approach, method, path, direction, course of action.

25.Address (verb)

English Meaning - tackle, deal with, attend to, try to sort out.

26.Balance of payment (BoP) crisis (noun)

English Meaning - a broader concept that involves a shortage of reserves to cover balance of payments needs. It is a currency crisis, occurs when a nation is unable to pay for essential imports or service its external debt repayments. The collapse of a fixed exchange rate is typically marked by a sudden balance—of—payments crisis in which “speculators” fleeing from the domestic currency acquire a large portion of the central bank’s foreign exchange holdings.

27.Upend (verb)

English Meaning - overturn, overthrow, topple over, knock down, capsize, cancel; turn something upside down.

28.Reckon with (phrasal verb)

English Meaning - deal with, cope with, contend with, handle, tackle, face up to.

29.Counter-tariff (or) retaliatory tariff (noun)

English Meaning - punitive tariff; an extra tariff/tax that a country charges on import goods from another country to punish the another country for charging tax on its own export goods.

30.Tariff (noun)

English Meaning - a tax imposed by one country on the goods and services imported from another country.

31.Usher in (phrasal verb)

English Meaning - to signal the beginning of something new; to make something new begin; start, initiate, introduce.

32.Economic uncertainty (noun)

English Meaning - It refers to the lack of predictability and stability in the economic conditions.

33.Uncertainty (noun)

English Meaning - unpredictability, unreliability, riskiness, precariousness.

34.Extent (noun)

English Meaning - magnitude, size, degree, level.

35.Very (adjective)

English Meaning - exact, actual, precise, just right.

36.Commerce (noun)

English Meaning - trade, trading, business.

37.Shock (noun)

English Meaning - blow, upset, disturbance, distress.

38.Account for (phrasal verb)

English Meaning - constitute, make up, comprise, form.

39.Supply chain (noun)

English Meaning - a dynamic network when a company purchases or uses goods or services from others. It involves people, information, processes, and resources involved in the production, handling, and distribution of materials and finished products or providing a service to the customer.

40.Diversify (verb)

English Meaning - vary, bring variety to; modify, alter/change, transform, expand, enlarge.

41.Strategy (noun)

English Meaning - plan of action (in order to achieve a more expansive set of political, economic, and security interests).

42.In the immediate term (phrase)

English Meaning - at the present moment; in the short term; in the near future.

43.Ripple effect (noun)

English Meaning - an event (or a process/action) that causes several other events to happen indirectly one after the other; knock-on effect, domino effect.

44.Slowdown (noun)

English Meaning - deceleration, slump, decline, weakening, slackening.

45.Scramble (verb)

English Meaning - struggle, hurry/hasten, rush (to do something to achieve a goal/result).

46.Experience (verb)

English Meaning - suffer, live through, go through, endure, face, encounter, undergo.

47.Negligible (adjective)

English Meaning - insignificant, minimal, slight, unimportant, trivial, meagre.

48.Command (verb)

English Meaning - receive, be given, get, gain, obtain, secure.

49.Slip (verb)

English Meaning - fall, drop, decline, decrease, plunge, plummet, slump, go down.

50.Supremacy (noun)

English Meaning - dominance, superiority, advantage.

51.Overwhelming (adjective)

English Meaning - very great/large, very strong, forceful, profound, formidable, massive, enormous, immense; complete, total, blanket, sweeping.

52.Dominance (noun)

English Meaning - domination, authority, supremacy, influence.

53.Reserve currency (noun)

English Meaning - a foreign currency that a government, central bank or other major financial institutions hold as part of the their reserves.

54.Centre of gravity (noun)

English Meaning - focal point, hub, core area, epicentre, power base, seat (of power, influence, or activity).

55.Hasten (verb)

English Meaning - speed up, quicken, accelerate, expedite.

56.Hegemonic (adjective)

English Meaning - dominant, supreme, influential, controlling, commanding, authoritative.