As the global trade landscape shifts under the weight of rising protectionism, a new economic triad is emerging between India, China, and Russia. Triggered in part by former US President Donald Trump’s aggressive tariff policies, this alliance appears to be a strategic counterweight to Western-led trade dominance.
Trump’s 50% tariffs on Indian exports—intended to pressure Russia and discourage countries from aligning with China—may have had an unintended consequence: drawing these three major Eurasian economies closer. While each nation has historically followed its own foreign policy path, recent diplomatic moves suggest a stronger convergence. Russian President Vladimir Putin is scheduled to visit India by the end of 2025, while Prime Minister Narendra Modi is expected to visit China for the Shanghai Cooperation Organisation (SCO) summit—his first in seven years.
Economically, the numbers are staggering. India, China, and Russia together represent $53.9 trillion in GDP (PPP), nearly one-third of the global economy. Their combined exports exceed $5 trillion annually, and they hold $4.7 trillion in foreign exchange reserves. This economic clout is reinforced by their population—3.1 billion people, or about 38% of the global total—creating the world’s largest consumer base.
A key driver of their alignment is the shared interest in reducing dependence on the US dollar. Following sanctions against Russia, both India and China have increased oil imports from Moscow using local currencies. This trend supports broader efforts to de-dollarise trade, build alternative payment systems, and enhance currency sovereignty.
Experts believe this trinity may fundamentally reshape global trade, defence partnerships, and energy markets. With overlapping economic interests and growing resistance to Western pressure, India, China, and Russia are quietly building what could become the backbone of a new multipolar world order.