By Mukesh Butani & Pranoy Goswami, respectively managing partner and senior associate with the tax policy team at BMR Legal

“For cooperation to prove stable, the future must have a sufficiently large shadow. This means that the importance of the next encounter between the same two individuals must be great enough to make defection an unprofitable strategy. It requires that the players have a large enough chance of meeting again and that they do not discount the significance of their next meeting too greatly.”—Robert Axelrod, The Evolution of Cooperation

The spectre of the tariff announcements by US President Donald Trump has led to rhetoric and clandestine anxiety on the windowsills of global policymakers. The predicament for the Indian government, grappling with a strenuous and almo

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