C hina’s announcement on 15 September that Nvidia broke antitrust law is another instance of Beijing weaponising regulations for geopolitical gain. The decision of the country’s market regulator— State Administration for Market Regulation—against the American top chip maker, which had been taken as US-China trade negotiations proceeded in Madrid, illustrate d how antitrust enforcement has moved beyond simple market competition issues into economic statecraft.

This episode teaches India an important lesson in the strength of evidence-based regulatory leverage. As global powers increasingly use economic coercion, India finds itself not as the swing power that it desires to be, but as a swung power buffeted by decisions made in Washington and Beijing. The

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